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Comparative advantage

Chapter 2 Economics Summary

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Economics
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Factors of production

AP Economics Chapter 2 Review/Summary Economics deals with choices. In this chapter we have examined more carefully the range of choices in production that must be made in any economy. In particular, we looked at choices involving the allocation of an economy?s factors of production: labor, capital, and natural resources. In addition, in any economy, the level of technology plays a key role in determining how productive the factors of production will be. In a market economy, entrepreneurs organize factors of production and act to introduce technological change.

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Archaeplastida
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Cabbage
Comparative advantage
Potato

Determining Comparative Advantage For each of the following scenarios, complete the charts and answer the questions that accompany each chart. 1. Anna and Barry can grow the following amounts of potatoes and cabbage with a week of labor. Production Possibilities Chart Cabbages per Week Potatoes per Week Anna 100 200 Barry 120 150 a. Who has the absolute advantage in growing cabbages? ___barry_______ in growing potatoes? ____anna____ b. Complete the following opportunity cost chart to determine the comparative advantage of growing potatoes and cabbage between Anna and Barry. Opportunity Cost Chart (based on cost of specializing in production of only one product) Cabbages Potatoes Anna
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