• Explain that as a result of scarcity, choices have to be made. • Explain that when an economic choice is made, an alternative is always foregone. • Explain that a production possibilities curve (production possibilities frontier) model may be used to show the concepts of scarcity, choice, opportunity cost and a situation of unemployed resources and inefficiency.
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March 2021
Maree SpraggonTeacher of IB Economics at the American School of Budapest Categories |