Economics is the scientific study of the ownership, use, and exchange of scarce resources - often shortened…

Economists frequently use index numbers when making comparisons over time. An index starts in a…

Economic decisions are taken in a marginal way, which means that decisions to produce, or consume, are…

Opportunity cost can be thought of in terms of how decisions to increase the production…

Any point on a PPF, such as points 'A' and 'B', is said to be…

Firstly, we can describe the opportunity cost to Mythica of producing a given output of computers or textbooks. For…

An opportunity cost will usually arise whenever an economic agent chooses between alternative ways of…

America’s first Nobel Prize winner for economics, the late Paul Samuelson, is often credited with providing…

Choice and opportunity cost are two fundamental concepts in economics. Given that resources are limited, producers and consumers…

All societies face the economic problem, which is the problem of how to make the best…