Define the Following Terms

question 35

Short Answer

Define the following terms
-data analysis

---

Definitions:

Opportunity Costs

The cost of foregone alternatives when a decision is made to pursue a particular course of action over others.

Production Possibilities Frontier

A curve depicting the maximum output combinations of two goods that can be produced given available resources and technology.

Opportunity Cost

The cost of what is foregone in order to pursue a certain action or decision.

Bowed-out

A term often used to describe a production possibility frontier that is concave from the origin, indicating increasing opportunity costs as more of one good is produced.