Question

define the following terms: trade - off opportunity cost production possibilities curve

Explanation:

A trade - off is the act of giving up one thing to gain another. Opportunity cost is the value of the next best alternative forgone when a decision is made. The production possibilities curve is a graphical representation that shows the maximum combinations of two goods or services that can be produced given the available resources and technology.

Answer:

Trade - Off: The act of giving up one thing to gain another.
Opportunity Cost: The value of the next best alternative forgone when a decision is made.
Production Possibilities Curve: A graphical representation that shows the maximum combinations of two goods or services that can be produced given the available resources and technology.