CramPuppy - Free Revision Notes | Igcse | Economics | Scarcity, Choice and Opportunity Cost

CramPuppy - Free Revision Notes » Igcse » Economics » Scarcity, Choice and Opportunity Cost

Share View PDF | Print View | Views: 4728 |

Scarcity: limited resources required to satisfy our (human) wants. Resources are insufficient in supply

Choice: choose between different alternatives/possibilities

Opportunity cost: the cost of choosing one alternative and not another. It is the cost of the next best alternative foregone or given up

About the Author

by: Admin
Total views: 4728
Word Count: 201
Date: Sun, 21 May 2006 Time: 12:00 AM
0 comments

Rating: Not yet rated
Login to vote

No comments posted.

You do not have permission to comment. If you log in, you may be able to comment.

Normal Search:
Advanced Search