Introduction1

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Introduction Chapter 1

Revision: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Three Basic Economic Questions ,[object Object],[object Object],[object Object],[object Object]

Production-possibility frontier ,[object Object],[object Object]

Production-possibility frontier 0 5 5 4 9 3 12 2 14 1 15 0 Guns Butter

Efficiency PPF represent how much of the latter must be sacrificed for a given increase in production

Opportunity cost ,[object Object]

Shapes (Increasing opp. Cost )

Constant opp. Cost

Decreasing opp. Cost

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Introduction1

1. Introduction Chapter 1

2.

3.

4.

5. Production-possibility frontier 0 5 5 4 9 3 12 2 14 1 15 0 Guns Butter

6. Efficiency PPF represent how much of the latter must be sacrificed for a given increase in production

7.

8. Shapes (Increasing opp. Cost )

9. Constant opp. Cost

10. Decreasing opp. Cost