Other slides in this set

Slide 2

Preview of page 2

Slide 3

Preview of page 3

Slide 4

Preview of page 4

Here's a taster:

The value of the next best alternative
which is sacrificed
when a decision is made.
For example; Choosing to study at college/Going into
full time work. By choosing to go to college, the
opportunity cost is [the money earned by] going into
full time work.…read more

Slide 5

Preview of page 5

Here's a taster:

These points are both
efficient. To move
from a to b, you would
lose 10 cars and gain 5
boats. The opportunity This point is
Cars cost is the 10 cars. impossible to
30 achieve unless
the curve moves
At this point, the firm outwards
is specialising in Cars through:
1)Gaining more
20 a resources
2)Training workers
This is inefficient as b
10
not all available
resources are in use.
Boats
5 10 15 At this point, the firm
is specialising in Boats…read more

Slide 6

Preview of page 6

Slide 7

Preview of page 7
Preview of page 7

Slide 8

Preview of page 8
Preview of page 8

Slide 9

Preview of page 9
Preview of page 9

Slide 10

Preview of page 10
Preview of page 10

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all resources »