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1.1.3 The economic problem

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Question 13

Define the term 'opportunity cost'.

Diagram A: Production Possibility Frontier for an Economy

A Production Possibility Frontier (PPF) diagram for a nation.

PositionManufactured goods (units)Agricultural goods (units)
Y-Intercept0120
Point A60100
Point B11060
X-Intercept1500
[2]

1.1.3 The economic problem Questions

  1. A Level
  2. /Economics
  3. /1.1.3 The economic problem