Examlex
What are the advantages of being single?
Production Possibility
Represents various combinations of amounts of two or more goods or services that can be produced within a given time period, with a given amount of resources, and with technology constraints.
Capital
Capital refers to financial assets or the financial value of assets, such as funds held in deposit accounts as well as the physical factors of production.
Opportunity Cost
The value of the best alternative that is forgone when a choice is made between several mutually exclusive alternatives.
Bowed Outward
Describes a curve (such as in production possibilities frontier) that shows increasing opportunity costs for producing two goods.
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