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It is the value of the choice in terms of the best alternative while making a decision.

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It is the limited availability of a commodity, which may be in demand in the market. Scarcity also includes an individual's lack of resources to buy commodities.

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The Production Possibilities Curve models a two-good economy by mapping production of one good on the x-axis and production of the other good on the y-axis. The combinations of outputs produced using the best technology and all available resources make up the PPC.

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UniversityNow: Types of Economic Systems

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Economics CHAPTER 3 PART 1(Three basic economic questions explained)

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Economic Systems and Macroeconomics: Crash Course Economics #3

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Shifting the Production Possibilities Curve - Macro Topic 1.2 (Micro Topic 1.3)

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Micro Unit 1 Summary- Basic Economic Concepts (Old Version)