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

50 views25 pages

For unlimited access to Class Notes, a Class+ subscription is required.

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
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 25 pages and 3 million more documents.

Already have an account? Log in
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
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 25 pages and 3 million more documents.

Already have an account? Log in
2-3
Diagram of the Production Possibilities Frontier
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 25 pages and 3 million more documents.

Already have an account? Log in

Get access

Grade+
$10 USD/m
Billed $120 USD annually
Homework Help
Class Notes
Textbook Notes
40 Verified Answers
Study Guides
1 Booster Class
Class+
$8 USD/m
Billed $96 USD annually
Homework Help
Class Notes
Textbook Notes
30 Verified Answers
Study Guides
1 Booster Class