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1BB3 Notes 4.docx

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Winter

Description
Lecture # 4 Macroeconomics 1BB3 Date: 13/09/2012 The Production Possibility Frontier PPF: the combinations of outputs that the economy can produce given the available factors of production and production technology. Feasible:Acombination that lies on the PPF or inside the PPF. Infeasible:Acombination that lies above the PPF. Efficient:An outcome that occurs if the econo
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