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Lecture 2

ECON 1BB3 Lecture 2: Week 2 - Sept.13


Department
Economics
Course Code
ECON 1BB3
Professor
Bridget O' Shaughnessy
Lecture
2

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9/13

 the combinations of output that the economy can produce given the available factors of production and
production technology
 
 600 3000
 1000 1000
a combination that lies on the PPF or inside the PPF
 a combination that lies above the PPF
an outcome that occurs if the economy can get all it can from its scarce resources
- If Canada produced only computers and
Mexico produced only trucks
(Specialization) and split everything
50/50, both will be better off
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