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Chapter 2

Chapter 2 - The Economic Problem.docx

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Department
Economics
Course
Economics 1021A/B
Professor
Jeannie A Gillmore
Semester
Fall

Description
Chapter 2 The Economic Problem 9/12/2012 6:05:00 PM Ceteris Paribus “If all other relevant things remain the same” Production Possibilities Frontier - boundary between those combinations of goods and services that can be producted and those that cannot. - can’t produce points outside the PPF - bowed out  resources are not all equally productive in all activities Production efficiency - if produced at lowest possible cost - at all points on the PPF - inside PPF, resources are misallocated or unused Tradeoffs - every choice on PPF involves a trade off - all trade offs involve a cost
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