Increasing opportunity cost along a bowed-out production possibilities frontier occurs because some factors of production are not equally suited to producing both goods and services.
What are goods and services?
- Items that are typically (but not always) tangible are referred to as goods and services.
- Examples include pens, real books, salt, apples, and hats. Services are things that other people do for you, such as online servers, waiters, barbers, lawn care providers, dentists, barbers, doctors, digital books, digital video games, and digital movies.
- All economic activity and commerce are supported by the creation, distribution, and consumption of goods and services when taken as a whole.
- Although businesses also consume goods and services while generating other goods and services, economic theory holds that consumption of goods and services results in utility (satisfaction) for the consumer or end-user.
To learn more about goods and services with the given link
https://brainly.com/question/342628
#SPJ4
