TAILIEUCHUNG - Lecture Economics - Chapter 2: Production possibilities and opportunity cost

In chapter 2, you will learn to solve these economic puzzles: Why are investment and economic growth so important? Why would you spend an extra hour reading this text, rather than going to a movie or sleeping? Why are so few rock stars or movie stars in your classes? | Chapter 2 Production Possibilities and Opportunity Cost ©2000 South-Western College Publishing Key Concepts Summary Practice Quiz Internet Exercises * In this chapter, you will learn to solve these economic puzzles: Why are so few rock stars or movie stars in your classes? Why would you spend an extra hour reading this text, rather than going to a movie or sleeping? Why are investment and economic growth so important? * What are the three Fundamental Economic Questions? What to produce? How to produce? For whom to produce? * Return to previous slide while in slide show * What is Opportunity Cost? The best alternative sacrificed for a chosen alternative * What Opportunity Cost am I experiencing now? The most money that you could be making if you were somewhere else instead of studying these slides * Can Opportunity Cost be something other than money? That most desired activity that you are presently giving up is considered an opportunity cost Yes! * What is Marginal Analysis? An examination of the effects of additions to or subtractions from a current situation * What is an example of Marginal Analysis? When your benefit of studying these slides exceeds the opportunity cost, you will spend time studying these slides * What is a Production Possibilities Curve? A curve that shows the maximum combinations of two outputs that an economy can produce, given its available resources and technology * What is Technology? The body of knowledge and skills applied to how goods are produced * A B Military Goods Consumer Goods Unattainable Inefficient Production Possibilities Curve Efficient * What three assumptions underlie the Productions Possibilities Curve Model? Fixed resources Fully employed resources Technology unchanged * What is the conclusion of the Production Possibilities Curve? Scarcity limits an economy to points on or below its production possibilities curve * What is the Law of Increasing Opportunity Costs? The .

• Kinh tế học
• Lecture Economics
• Production possibilities
• Opportunity cost
• Fundamental economic
• Marginal analysis
• Production possibilities curve
• Business economics
• Lecture Business economics
• Business applications of economics
• Open economy
• Competitive markets
• Economic Models
• Economics of agriculture
• Development economics
• Lecture Development economics
• Kinh tế phát triển
• Economic growth
• Developing nations
• Economics of agricultural development
• Principles of economics
• Managerial economics
• Lecture Managerial economics
• Market interactions
• Fundamentals of managerial economics
• Marginal benefit
• Lecture Principles of economics
• Ten principles of economics
• People face tradeoffs
• Marginal changes
• Element of economics
• Lecture Element of economics
• Economic systems
• Economics problems
• Macroeconomic issues
• Economics of information
• Consumer choice
• Free rider problem
• Market transactions
• Economic principles
• Economic policies
• Economics of farm policy
• Farm policy
• Social issues
• Economics of social issues
• Lecture Economics of social issues
• Economics of crime
• Classification of criminal acts
• The costs of crime
• Economics of education
• Increased demand for education
• Educational expenditures
• Monopoly power
• Economics of monopoly power
• Professional sports
• Economics of professional sports
• Professional sports business
• Issues in economics today
• Lecture Issues in economics today
• International issues
• Price control issues
• Economics of children
• Public economics
• Kinh tế học
• Foreign markets
• Monopolistic competition
• Macroeconomic policy
• Supply curve
• Elasticity of demand