As the economy moves from one point of the PPC to another, the opportunity costs are

Which one of the following is a scarce resource?

All economic goods have an opportunity cost

The production possibility curve is

A very simple model that illustrates a number of economic concepts and relationships

The transition from a centrally planned economy towards a mixed market economy is

Macro Economics considers the economy as a

Which one of the following is an non-physical activity?

In the circular flow model, the main decision makers in the economy are

The payments that firms make to buy factors of production.