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Title Details:
The production possibility curve and opportunity cost
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).
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