Class Notes (839,590)
Canada (511,419)
Economics (472)
ECON 101 (111)
Lecture 4

ECON 101 Lecture 4: Chapter 2

6 Pages

Course Code
ECON 101
Ratna Shrestha

This preview shows pages 1 and half of page 2. Sign up to view the full 6 pages of the document.
ECON-101 Lecture 4 notes – second part of chapter 2: • A second economic model: Production possibilities frontier (PPF) is a graph that shows the various combinations of outputs that the economy can possibly produce given the available factors of production and technology. o Opportunity cost could be understood like with each increase of the car production, we would decrease more amount of computer. And the decrease amount of computer is called opportunity cost. o Question: why improved the technology for producing computer also cause the increase quantity of cars produced? 1. Better technology could decrease the workers’ amount and those workers could go help producing cars. 2. Better technology could decrease the resources we used to produce compute
More Less
Unlock Document

Only pages 1 and half of page 2 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.