Examlex
Which of these ideas is an important component of environmental literacy?
Production Possibility Frontier
A graph that shows the highest possible production levels for two different products, using specific resources.
Opportunity Costs
The cost of forgoing the next best alternative when making a decision, representing the potential benefits missed.
Inward
Often used in economics to describe movements towards the center of an economic system, such as inward investment, referring to investment in domestic resources from foreign entities.
Opportunity Cost
The cost of foregoing the next best alternative when making a decision, representing the benefits one could have received by taking the alternative action.
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