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Author Question: What does the term increasing marginal opportunity cost mean? How are increasing marginal ... (Read 91 times)

xclash

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on: Jun 29, 2018
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

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Reply #1 on: Jun 29, 2018
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.


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