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ECON 1010 (102)
Lecture 10

ECON 1010 Lecture 10: Lecture 10
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Department
Economics
Course
ECON 1010
Professor
Laura K.Brown
Semester
Spring

Description
o982 1. This diagram shows the combinations of output that the economy can possibly produce 2. The economy can produce any combination on or inside the frontier 3. Points outside the frontier are not feasible given the economies resources A Shift in the Production Possibilities Frontier 1. With a shift in the production possibilities frontier, the production of both products are increasing 2. The production possibilities frontier relies on the availability of resources and technology 3. Bow shaped because: 1. Different workers have different skills, which results in different opportunity costs of producing one goods in terms of the other o Other resources, or a mix of resources with different opportunity costs Microeconomics and Macroeconomics: 1. Microeconomics: the study of how households and firms make decisions and how they interact in markets
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