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Questions and Answers
Which concept refers to the value of the next best alternative that is given up when making a choice?
Which concept refers to the value of the next best alternative that is given up when making a choice?
- Productivity
- Specialization
- Opportunity cost (correct)
- Trade
Which concept refers to the ability of individuals or countries to produce a good or service at a lower opportunity cost than others?
Which concept refers to the ability of individuals or countries to produce a good or service at a lower opportunity cost than others?
- Opportunity cost
- Trade
- Specialization (correct)
- Productivity
Which concept refers to the amount of output produced per unit of input?
Which concept refers to the amount of output produced per unit of input?
- Trade
- Specialization
- Productivity (correct)
- Opportunity cost
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Study Notes
Opportunity Cost
- Refers to the value of the next best alternative that is given up when making a choice
- Represents the trade-off or sacrifice made when choosing one option over another
Comparative Advantage
- Refers to the ability of individuals or countries to produce a good or service at a lower opportunity cost than others
- Enables specialization and efficient allocation of resources
Productivity
- Refers to the amount of output produced per unit of input
- Measures the efficiency of a production process or system
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