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Study Guide

[ECON 2105H] - Midterm Exam Guide - Ultimate 15 pages long Study Guide!

15 Pages

Course Code
ECON 2105H
Mc Clain

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[ECON 2105H] Comprehensive Midterm Exam guide including any lecture notes, textbook notes and exam guides.find more resources at Tradeoffs Using an economic model Models are used to visually represent or simplify reality (in economics, they are often mathematic equations) Production Possibility Frontier (PPF)  Scarcity tells us: o To increase production of one good, we must decrease production of something else  Assume: o Full employment o Fixed technology o Only two goods Example: National Health Production Security Care Possibility (million (trillion servicemen) $) A 0 15 B 1 14 C 2 12 D 3 9 E 4 5 F 5 0  If a PPF is bowed out, it means the ratio of x to y tradeoff is not 1:1 o Not all resources are equally suited to every job o Diminishing marginal returns o Marginal cost is increasing find more resources at
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