Figure 3-6
The production possibilities frontiers below show how much Greg and Catherine can each produce in 8 hours of time.
Greg's Production Possibilities
Catherine's Production Possibilities 
-Refer to Figure 3-6. What is Greg's opportunity cost of producing cake? Explain how you derived your answer.
Definitions:
Goodwill
An intangible asset that represents the value of a business's brand, customer relations, employee morale, and other factors not reflected in physical or financial assets.
Current Asset
An asset on the company's balance sheet that is expected to be converted into cash within one year.
Long-term Asset
An asset that is not expected to be converted to cash or used up within one year of the balance sheet date.
Equipment
Tools, machinery, or apparatus designed for a specific operation or purpose.
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