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Inefficiency

Krugman AP Macro Economics Chapter 3

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Economics
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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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Economics
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economics
Microeconomics
Economic efficiency
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Factors of production
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unemployment
Labour economics
Economic growth

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
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