Lecture 2 - Production Possibilities The economics behind using scarce resources inputs to produce output. Preloader

Lecture 2 - Production Possibilities The economics behind using scarce resources inputs to produce output. - PowerPoint PPT Presentation


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2. Categories of Resources. Land. Labor (L). 3. [Physical] Capital (K). Entrepreneurship. 4. Production Possibilities Model - amounts of 2 goods that can be produced assuming:. 5. 6. Production Possibilities Curve (PPC) illustrates the economic concepts of:. scarcityefficiencychoice. Conclude. 7.

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