oppertunity costs

Essay specific features

 

Issue:

Business

 

Written by:

Tiana W

 

Date added:

May 17, 2016

 

Level:

University

 

Grade:

A

 

No of pages / words:

4 / 1098

 

Was viewed:

8233 times

 

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Essay content:

This is known as the "law of increasing opportunity costs." The economic rational for the law of increasing opportunity costs is that economic resources are not completely adaptable to alternative uses. The opportunity cost of producing a product tends to increase as more of it is produced because resources less suitable to its production must be employed...
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Prices are a measure of opportunity cost because they provide information about the value of one product in relation to another. The shape of the Productions Possibility Frontier, (PPF), illustrates the principle of increasing opportunity costs (Graph 3). As more of one product is produced, increasingly larger amounts of the other product must be given up...
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