4. Opportunity cost refers to the value of an alternative given up to acquire another. 5. In Command economic system, decisions on producing goods and services are dependent on beliefs and customs. 6. A firm performs inefficient production if it produces goods and services on its production possibilities curve (PPC) 7. Mixed economic system means that the economic actions are dependent on private enterprise 8. 9. Consumer goods are goods that will undergo further processing to produce other goods. 10. Capital involves the equipment, tools, transportation, storage facilities, and machinery that are utilized in producing goods and services 11. An economic model is a framework that represents simplified assumptions of economic aspects of the real world