What does the term increasing marginal opportunity cost mean? How ...

[xclash]

What does the term increasing marginal opportunity cost mean? How are increasing marginal opportunity costs represented on a bowed out production possibilities frontier?
 
  What will be an ideal response?

Question 2

List the three main sources of economic development.
 
  What will be an ideal response?

[sarajane1989]

Answer to Question 1

Increasing marginal opportunity costs means that as more and more of a product is made, the opportunity cost of making each additional unit rises. They are represented by moving down a bowed out production possibilities frontier.

Answer to Question 2

The three main sources of economic development are: capital formation, human resources and entrepreneurial ability, and social overhead capital.