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Lecture 2

ECON 1000 Lecture 2: Week 1

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Carleton University
ECON 1000
Nick Rowe

th Econ 1000 – Week1, Lecture2, Sept 9  Graphs can give information about relations between production and quantity. (Production function)  Some graphs can help us understand tradeoffs. o Opportunity cost is the term that describes trade-off between choices. o Ex. Buying anti-dandruff shampoo compared to conditioner, buy conditioner you get soft hair but risk getting dandruff and vise-versa. o What you have to give up in order to gain more of something else.  Production Possibility Frontier; the point that separates two lines in a graph when used in economics. It describes the relationship of production and opportunity cost when balancing production of multiple products. o This also separates the feasible and non-feasible points and possibilities in a graph.  You don’t face trade off as long as there is no scarcity, scarcity = trade off.  Satiation – Latin for enough, i.e satisfaction. The only time you will not have scarcity of resources.  Scarcity = no longer wanting anything else.  Tradeoff and opp
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