'Production possibilities curve' presentation slideshows

MTTC Preparation

MTTC Preparation. MTTC # 98. Next test date is January 13, 2007 Regular registration deadline is December 1, 2006 http://www.mttc.nesinc.com/ Additional test dates: April 14 & July 7, 2007 Register by: March 2 and May 25, 2007 respectively. Preparation Resources. MTTC study guides

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C hapter 2

C hapter 2. Production Possibilities and Opportunity Costs. Economic Principles. Factors of production Production possibilities Opportunity cost The law of increasing costs. Economic Principles. Technological change and economic growth Division of labor and specialization

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Economics

Economics. Unit 1 Chapter 1. ECONOMICS is:. The study of how people seek to satisfy their needs and wants by making choices . The Economic Problem :. Scarcity : When we have limited amounts of resources to meet our unlimited amount of wants and needs. It will ALWAYS exist.

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What is Economics?

What is Economics?. Lesson 3: The Ideas. Chocolate , Vanilla , or Strawberry.

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Scarcity, Opportunity Costs, and the Production Possibilities Curve

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Business Cycles

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Midterm Exam Review Microeconomics

Midterm Exam Review Microeconomics. Econ EB122 Summer 2012 Inst. Shan A . Garib Mohawk College. Opportunity Cost. Opportunity cost : the value of the highest-valued alternative that must be forgone when a choice is made. It is the evaluation of a trade-off .

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Economics

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Comparative Advantage

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The Goals of This Course

The Goals of This Course. To understand how the economy really works. To determine how markets shape economic outcomes. To examine the role that government can and does play in (re)shaping economic performance. To understand how we ourselves can make better economic decisions.

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DWU #1

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THE PRINCIPLE OF OPPORTUNITY COST

2.1. Opportunity cost of money spent on tuition and books $ 40,000 Opportunity cost of college time (four years working for $20,000 per year) 80,000 Economic cost or total opportunity cost $120,000. THE PRINCIPLE OF OPPORTUNITY COST. The Cost of College. opportunity cost

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Economics 102: Introduction to Microeconomics

Economics 102: Introduction to Microeconomics. Microeconomics: The study of how resources are allocated to various uses in society. Each society must answer the following three questions: Q1: What to produce? Q2: How to produce it?

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Sponge

Sponge. Which of the following is an example of a capital investment for a retail store? Buying ads in local newspapers Hiring sales clerks and managers Buying cash registers and displays Renting retail space at a mall. Sponge.

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TOOLS OF NORMATIVE ANALYSIS

TOOLS OF NORMATIVE ANALYSIS. Welfare economics : Branch of economic theory concerned with the desirability of alternative economic states. Pure exchange economy Edgeworth box Conventionally shaped indifference curves.

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Production Possibilities and Growth

Production Possibilities and Growth. Production Possibilities Frontier.

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Production Possibilities Curve

Production Possibilities Curve. A curve that shows the different combinations of two goods that the economy can produce, given its resources and the level of technology. Assumptions. Two Goods Fixed Level of Resources Given Level of Technology No Unemployment. EXAMPLE .

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Practicing with a graph and EOCT Questions

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Chapter 1.3: Production Possibilities Curve

Chapter 1.3: Production Possibilities Curve. Production Possibilities Curve. How many watermelons can Capeland produce if they are making 9 million pairs of shoes ? What will the opportunity cost be if Capeland increases shoe production to 12 million? . Law of Increasing Costs.

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ECONOMICS

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