AP Notes, Outlines, Study Guides, Vocabulary, Practice Exams and more!

Production theory

Krugman AP Macro Economics Chapter 3

Subject: 
Economics
Rating: 
0
No votes yet
Tags: 
economics
Microeconomics
Costs
Production–possibility frontier
Economic efficiency
Inefficiency
Opportunity cost
Productive efficiency
Production theory
behavior
Human development
Computing
Computer file formats
Electronic documents
Interpersonal relationships
Psychoanalysis
Human behavior
Portable Document Format
Attachment theory
Technology
Business

? 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
Subscribe to RSS - Production theory

Need Help?

We hope your visit has been a productive one. If you're having any problems, or would like to give some feedback, we'd love to hear from you.

For general help, questions, and suggestions, try our dedicated support forums.

If you need to contact the Course-Notes.Org web experience team, please use our contact form.

Need Notes?

While we strive to provide the most comprehensive notes for as many high school textbooks as possible, there are certainly going to be some that we miss. Drop us a note and let us know which textbooks you need. Be sure to include which edition of the textbook you are using! If we see enough demand, we'll do whatever we can to get those notes up on the site for you!