Figure 3-21
Uzbekistan's Production Possibilities Frontier
Azerbaijan's Production Possibilities Frontier 
-Refer to Figure 3-21.Suppose Azerbaijan decides to increase its production of nails by 20.What is the opportunity cost of this decision?
Definitions:
Cost Flow Assumption
An accounting principle that determines how costs are allocated to inventory and cost of goods sold, examples include FIFO, LIFO, and average cost methods.
Cost of Goods Sold
The immediate expenses related to the creation of products that a company sells.
Merchandise on Credit
Goods that have been sold but not yet paid for, implying that the buyer owes the seller money.
Gross Amount
The gross amount is the total figure before any deductions are made, such as expenses, taxes, or discounts.
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