Production possibility curve (PPC)1. Definition of PPCPPC is a graphical representation showing all possible combinations of two goods that an economy can produce using its available resources and technology efficiently.Efficiency:…
Opportunity costOpportunity cost is a fundamental concept in economics that refers to the value of the next best alternative foregone when a choice is made.
Economic activities: Production, consumption, distributionEconomic activities involve all actions aimed at satisfying human needs and include the processes of production, consumption, and distribution.
Sectors of the economy: Primary, Secondary, TertiarySectors of the EconomyThe economy is divided into three main sectors: Primary, Secondary, and Tertiary. These sectors represent different stages of economic activity.
Types of economies: Capitalist, Socialist, MixedBasic Concepts in EconomicsScarcity: Resources are limited, leading to the need for choices and trade-offs.Opportunity Cost: The cost of the next best alternative foregone when making a decision.…
Definition of Economics: Microeconomics and MacroeconomicsEconomics is the study of how individuals, businesses, and governments allocate scarce resources to satisfy their needs and wants.It examines the production, distribution, and consumption of goods…