Title Details: | |
The production possibility curve and opportunity cost |
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Authors: |
Pseiridis, Anastasia Lianos, Theodoros |
Reviewer: |
Tsounis, Nikolaos |
Description: | |
Abstract: |
In this chapter, students are introduced to economic problems. They learn the concepts of opportunity cost, economic profit, and accounting profit. They also learn why nothing is "free," because in order to produce something, we must sacrifice something else. This chapter lays the foundations for understanding that every consumer choice can have a cost to society that is greater than the price at which it is sold (i.e., the topic of externalities is introduced, which will be examined in detail in the next chapter).
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Type: |
Chapter |
Creation Date: | 2015 |
Item Details: | |
License: |
http://creativecommons.org/licenses/by-nc-nd/3.0/gr |
Handle | http://hdl.handle.net/11419/2362 |
Bibliographic Reference: | Pseiridis, A., & Lianos, T. (2015). The production possibility curve and opportunity cost [Chapter]. In Pseiridis, A., & Lianos, T. 2015. Economic analysis and policy: Microeconomics [Undergraduate textbook]. Kallipos, Open Academic Editions. https://hdl.handle.net/11419/2362 |
Language: |
Greek |
Is Part of: |
Economic analysis and policy: Microeconomics |
Publication Origin: |
Kallipos, Open Academic Editions |