Any of these:
Either improve output:
-Invest in better machines and latest technology (capital).
-Improve worker training
-Allow workers to specialise
-Improve transport infrastructure
-Improve management practices
or reduce input:
-Remove under-used resources from production
The benefits foregone of the next best alternative.
Economic goods are goods which are scarce because their use has an opportunity cost.
Take two different goods. Each axis shows the production level of each good. A curve or line demonstrates the maximum possible output of the economy as a combination of these two goods.
Factors of produciton can make either type of good, but they are better at making one type compared to another.
Opportunity cost is shown by moving along the curve of the PPF. Gaining more of one good means you give up some of another.
Any point on the boundary of the PPF is Productively Efficient.
The PPF shifts outwards (both axes).
Enterprise means people are seeking out profitable opportunities for production and taking risks in attempting to exploit these. They are matching resources to each other in a profitable way.
Land refers to the space that is used for buildings, as well as any primary materials that may be extracted from nature
