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1.1.3 The economic problem

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Question 14

Define the term 'opportunity cost'.

Diagram A: Production Possibility Frontier for an Economy

A Production Possibility Frontier (PPF) diagram for an economy, showing the trade-off between Healthcare services and Education programs.

PositionEducation programs (units)Healthcare services (units)
Y-Intercept0200
Point A85160
Point B14890
X-Intercept1800
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1.1.3 The economic problem Questions

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