Examlex
Alloys in which copper is the chief constituent are used more widely than pure copper and have more desirable properties. Bronze, an alloy of copper and tin, is easier to cast, harder, and less malleable than pure copper. Bronze dominated early technology before iron came into use. Brass is an alloy of copper and zinc with multitudinous uses. Alloys of copper, nickel, and zinc, called nickel silver, have high resistance to corrosion and wear and are used as bases for silver plating and in costume jewelry. Robert Boikess and Edward Edelson, Chemical Principles
Opportunity Cost
The foregone benefit of the next best alternative when a decision is made to choose one option over another.
Allocative Efficiency
Occurs when no resources are wasted; it is not possible to make any person better off without making someone else worse off.
Economic Problem
The challenge of limited resources to meet unlimited wants and needs of society.
Capital Goods
Long-lasting goods purchased or used by businesses to produce goods or services and not intended for final consumption.
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