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Lecture

ECON 102 Lecture Notes - Opportunity Cost, Absolute Advantage, Comparative Advantage


Department
Economics
Course Code
ECON 102
Professor
Angela Trimarchi

Page:
of 25
2-1
CHAPTER 2
The Economic Problem
All economies focus on two things:
-Production
-Consumption
-Ultimately, the level of production will determine
the level of consumption
2-2
Production Possibilities Frontier:
-All possible combinations of outputs that can be
produced with given inputs and technology.
Question: What is another name for inputs?
Ans: Resources
2-3
Diagram of the Production Possibilities Frontier