Apr 24 2012


Published by at 8:42 pm under

The practice of allocating an individual’s, an organization’s or a nation’s resources towards the production of a good or a category of goods for which it has a relatively low opportunity cost. Improves the overall allocation of resources and allows individuals and, with trade, allows individuals or nations to consume beyond what they would be able to produce on their own.

About the author:  Jason Welker teaches International Baccalaureate and Advanced Placement Economics at Zurich International School in Switzerland. In addition to publishing various online resources for economics students and teachers, Jason developed the online version of the Economics course for the IB and is has authored two Economics textbooks: Pearson Baccalaureate’s Economics for the IB Diploma and REA’s AP Macroeconomics Crash Course. Jason is a native of the Pacific Northwest of the United States, and is a passionate adventurer, who considers himself a skier / mountain biker who teaches Economics in his free time. He and his wife keep a ski chalet in the mountains of Northern Idaho, which now that they live in the Swiss Alps gets far too little use. Read more posts by this author

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