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When Ashley first starts typing, she uses the "hunt and peck" method and finds typing very effortful. Now, after taking a typing class, she feels like her papers practically type themselves, once she figures out what she wants to say. This change in her typing reflects a shift from __________.
Law of Increasing Opportunity Costs
states that as production of one good increases, the opportunity cost of producing an additional unit of this good also increases, due to factors of production not being perfectly interchangeable.
Satisfy Wants
The process of fulfilling the desires or needs of consumers through the provision of goods and services.
Marginal Cost Curve
A graphical representation that shows how the cost of producing one additional unit of a good changes as the quantity of production is increased.
Increasing Marginal Opportunity Costs
Represents the concept that each additional unit of a good or service produced requires the sacrifice of increasingly more valuable alternatives.
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