ECON 1000 Chapter Notes -Demand Curve, Indifference Curve, Economic Surplus
10
ECON 1000 Full Course Notes
Verified Note
10 documents
Document Summary
Economics as social science and policy tool (pp. It shows whether two variables are positively related, negatively related, or unrelated. To calculate the slope of a curved line, we calculate the slope at a point or across an arc. Graphing relationships among more than two variables (pp. 24 25: to graph a relationship among more than two variables, we hold constant the values of all the variables except two, we then plot the value of one of the variables against the value of another. 32 34: the production possibilities frontier, ppf, is the boundary between production levels that are attainable and those that are not attainable when all the available resources are used efficiently. 38 39: economic growth, which is the expansion of production possibilities, results from capital accumulation and technological change, the opportunity cost of economic growth is forgone current consumption.
