Define the Following Terms

question 13

Short Answer

Define the following terms
-contingency question

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Definitions:

Opportunity Cost

The economic consequence of bypassing the closest better choice when making a decision.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, technology, etc.), assuming all resources are fully and efficiently utilized.

Labor Force

The total number of people who are employed and those actively seeking employment in an economy.

Bowed Out

A term used to describe the shape of a production possibilities frontier that demonstrates increasing opportunity costs.