
Summary of Austin Frakt & Mike Piper's Microeconomics Made Simple
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- FormatePub
- ISBN978-1-6693-9437-2
- EAN9781669394372
- Date de parution30/04/2022
- Protection num.Digital Watermarking
- Taille1 Mo
- Infos supplémentairesepub
- ÉditeurEverest Media LLC
Résumé
The opportunity cost of going to a movie is the forgone utility from the next most enjoyable activity you could have done. #3 In economics, the factors of production are the inputs used to create finished goods. They are land, labor, and capital. The ideal situation is to use all resources to their fullest capacity, or use the fewest possible resources for any given level of output. #4 A production possibilities frontier illustrates the various choices that an economic entity can make when choosing what to produce, given the constraints imposed by its limited factors of production.
The opportunity cost of going to a movie is the forgone utility from the next most enjoyable activity you could have done. #3 In economics, the factors of production are the inputs used to create finished goods. They are land, labor, and capital. The ideal situation is to use all resources to their fullest capacity, or use the fewest possible resources for any given level of output. #4 A production possibilities frontier illustrates the various choices that an economic entity can make when choosing what to produce, given the constraints imposed by its limited factors of production.