Study guides, Class notes & Summaries

the value (not monetary cost) of the last alternative you gave up element 3 decisions are made at the margins briefly explain element 3. make choices that generate more benefits than costs and refrain from actions that are more costly than they are worth what is the production possibilities curve (PPC)? the simplest economic model that represents scarcity, trade-offs, and opportunity costs; shows how an individual, firm government or country allocates resources between 2 competing activ...