Ahtg 100 chapter 4 - Study guides, Class notes & Summaries

What does opportunity cost refer to? - ️️The cost of the next-best alternative. Not necessarily a monetary cost, but what you are giving up. What does specialization refer to? - ️️Without being completely self-sufficient, we need to specialize in something we can exchange with others. What is a command/planned economy? - ️️An economic system where the government controls exchanges and the allocation of resources--government agencies decide what will be produced and by whom. What i...