Transportation cost. The Ricardian model describes the world economy from the first century AD until the end of WWII , which was based on specialization.
These combinations can also be shown graphically, the result being a
In any society, people have to deal with limited resources by comparing their opportunity costs. If a country choose to produce more weapons, then this country ...
Definition. In economics, the term
This game introduces students to the concepts of opportunity cost, diminishing
marginal opportunity costs and
An introduction to the
Tradeoffs for a hunter gatherer and the production possibilities frontier, and the notion of "ceteris paribus" (which means "everything else held equal").