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Boston College (1,174)
Economics (309)
ECON 1132 (72)
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CH 3 Notes

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Department
Economics
Course
ECON 1132
Professor
Richard Tresch
Semester
Spring

Description
CH 3      ­ Economic Objectives: efficiency and equity - Production Technology: blueprint for transforming inputs into outputs - Production Possibilities: The economy’s capacity for producing goods and  services, assuming that it produces them efficiently o Depends on:   The quantity and quality of a nation’s primary factors of  production  The technologies available for turning these resources into goods  and services - Production Possibilities Frontier: A graphical representation of the economy’s  capacity for producing goods and services, assuming that it produces them  efficiently - Why might an economy be below the production possibilities frontier? o Society is not using all of its scarce resources  o Not allocating the scarce resources it is using in the best possible manner - If oper
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