14. The "big tradeoff" refers to A. producing capital goods instead of consumable goods. B. marginal benefit versus marginal cost. C. efficiency and fairness. D. taking an economics course instead of some other course.

1.a. i. Using an appropriate diagram, explain how the production possibility frontier becomes a model of scarcity, choice and opportunity cost. ii. Explain the stages of production  iii. Explain 10 relevance of the stages of production to a business operator.

1. What is the opportunity cost of a particular product? The price paid for that product. b. The value put on that product by the person who bought it. c. The value of the next-best alternative that is given up as a result of buying that particular product. d. The combined value of all the other alternatives that are given up as a result of buying that particular product. a. 2. Which of the following is a capital good? An oven in a bakery. b. A home computer. a. c. The first application of CD ROM technology to an economics textbook. d. An investment in IBM stock.

5. I need help asap