Examlex
________ are straightforward, familiar, and easily defined.
Consumer Goods
Products and services that are purchased for personal use or consumption by the general public.
Capital Goods
Goods that are used in producing other goods and services rather than being bought by consumers.
Opportunity Cost
The cost of forgoing the next best alternative when a decision is made to choose one option over another.
Production Possibilities Curve
A graphical representation showing the maximum quantity of goods and services that a society can produce with existing resources and technology, underlining the concept of opportunity cost.
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