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Explain the meaning of opportunity cost ...

Explain the meaning of opportunity cost with the help of production possibility schedule.

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Opportunity cost is the value of a factor in its next best alternative use. In other words, the opportunity cost of any commodity is the amount of other good which has been given up in order to produce that commodity.
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RADHA BHUGANA-INTRODUCTION-Short Answer Type Questions
  1. Define and draw a production possibility curve. What does the movement...

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  2. Draw and define a production possibility curve. Why is it downward slo...

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  3. Draw a production possibility curve. What does a point below this curv...

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  4. Why is production possibility curve called the opportunity cost curve ...

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  5. Draw a production possibility curve and show the following situations ...

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  6. Explain the meaning of opportunity cost with the help of production po...

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  7. Calculate marginal opportunity cost in the following example. Plot the...

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  8. Explain the central problem of distribution in an economy.

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  9. Distinguish between Microeconomics and Macroeconomics.

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  10. Explain the slope of a production possibility frontier/curve.

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  11. How is Production possibility curve affected by unemployment in the ec...

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  12. Production in an economy is below its potential due to unemployment, g...

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  13. Why is a production possibility curve downward sloping ?

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  14. What is likely to be the impact of "Make in India" appeal to the forei...

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  15. What is likely to be the impact of efforts towards reducing unemployme...

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  16. The government establishes a large number of institutes of science and...

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  17. Why do central problems of an economy arise ? Explain the central prob...

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  18. Define MOC. Explain the concept with a hypothetical numerical example.

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  19. State the meaning and properties of PPF.

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  20. Explain the meaning of opportunity cost with the help of an example.

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