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Starbucks allows customers to pay with their mobile devices.Customers create an account with Starbucks as part of the retailer's loyalty program,and transfer money to a pre-paid account.Upon check out,users activate the Starbucks app,which creates a credit voucher that can be handed to the cashier.
Production Possibilities Curve
A graphical representation showing the maximum combination of goods and services that can be produced from a fixed set of resources in a given period.
Opportunity Cost
Represents the value of the next best alternative forgone when a decision is made to choose one option over others.
Factors Of Production
Factors of production are the inputs needed for the creation of a good or service, including land, labor, capital, and entrepreneurship.
Unemployment Of Resources
Unemployment Of Resources refers to a situation where factors of production, such as labor and capital, are not being used in the production process.
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