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Production–possibility frontier

Krugman AP Macro Economics Chapter 3

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? Chapter 3: The Production Possibilities Curve Model ? Trade-Off: when you give something up in order to have something else Production Possibilities Curve Model: simplified economy that only produces two goods, able to show trade-off?s more clearly, simplifies the complexities of reality inside/on the curve (shaded area): feasible outside the curve (shaded area): not feasible PPC= production possibilities curve Slope of a straight line production possibilities curve equal to the opportunity cost Outward shift: increase in resources of progress in technology Efficient: no missed opportunities, no way to make some people better off without making other people worse off

AP Econonmics Ch2 outline

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Christian Boujaoude September 20, 2014 AP Economics Pd. 3 Wolff Ch. 2 The Economizing Problem I. The Foundation of Economics A. Economizing Problem 1. Society?s economic wants are unlimited and economic resources are scarce B. Unlimited Wants 1. Extend over a wide range of products, from necessities to luxuries 2. Services satisfy our wants 3. The objective of all economic activity is to fulfill wants C. Scarce Resources 1. Economic resources a. all natural, human, and manufactured resources that go into the production of goods and services b. Property resources= land, raw materials, and capital c. Human resources= labor and entrepreneurial ability D. Resource Categories 1. Land

Econ Chapter 28 powerpoint

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Economic Growth Economic Growth Economic growth refers to an increase in the total output of an economy. Defined by some economists as the increase of real GDP per capita. The production possibility curve and the AD/AS graph show the combinations of output that can be produced if all society?s scarce resources are fully and efficiently employed. The more efficiently they are used the more growth an economy experiences. Economic Growth Human Capital Human capital is the economic value that an employee provides to an employer. The greater the human capital, the better the opportunity for economic growth. Labor Productivity Labor Productivity is the real output per hour of work.

The Basic Economics Problem

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The Basic Economics Problem

The Basic Economics Problem The highlighted sentence are copying from the textbooks Scarcity ? the resources that are limited in supply so that people have to make choice to buy them. Free Goods - the resources that are unlimited in supply, like air and water on the earth. Economics Goods - the resources that are limited in supply and they are scarce. People have infinite needs and wants but there are limited resources on the earth, so that people have to make choice and have the trade-off when buying the resources. E.g. People want a big house or big flat, but there are limited lands (resources). They want so expensive food like shark fins but there are limited shark for hunting.

The Basic Economics Problem

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economics
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The Basic Economics Problem

The Basic Economics Problem The highlighted sentence are copying from the textbooks Scarcity ? the resources that are limited in supply so that people have to make choice to buy them. Free Goods - the resources that are unlimited in supply, like air and water on the earth. Economics Goods - the resources that are limited in supply and they are scarce. People have infinite needs and wants but there are limited resources on the earth, so that people have to make choice and have the trade-off when buying the resources. E.g. People want a big house or big flat, but there are limited lands (resources). They want so expensive food like shark fins but there are limited shark for hunting.

AP Macroeconomics Unit 1 Study Guide

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AP Macroeconomics UNIT 1 Study Guide (Chapters 1-3) Part 1: Multiple Choice (36 questions, 2 points each) 1. Provide a definition for scarcity as it relates to economics 2. Understand the concept of opportunity cost and be able to apply it to a real life scenario (I.e. going out rather than studying for this test) 3. Provide a definition for the production possibilities curve as it relates to the allocation of resources in a society. 4. Describe the shape for a production possibilities curve as it relates to constant or increasing opportunity costs. 5. Provide a definition for the market mechanism. 6. Describe Karl Marx?s approach to the 3 basic economic questions

Economics Notes

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Crowding Out - is what happens when a mega sports event attracts fanatics but drive agnostics away Substitution - when consumers shift their spending, instead of increasing their overall consumption Leakage - the tendency for money to circulate out of rather than through a local economy Economics - Social science concerned with the efficient use of limited resources to achieve maximum satisfaction of economic wants (study of how individuals and societies deal with scarcity) What is economics? -science of scarcity (the condition in which our wants are greater than our limited resources) -since we are unable to have everything we desire, we must make choices on how we use our resources -in economics we will study the choices of individuals, firms and governments
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