'Increasing opportunity costs' diaporamas de présentation

Unit I: Basic Economic Concepts

Unit I: Basic Economic Concepts. What is Economics in General?. Economics is the study of _________. Economics is the science of scarcity . Scarcity is the condition in which our wants are greater than our limited resources.

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International Economics

International Economics. Classical and Neoclassical Trade Theory. Foundations of trade theory. Historical development of trade theory. Mercantilism Regulation to ensure a positive trade balance Critics: possible only for short term; assumes static world economy

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Chapter 1 What is Economics About

Chapter 1 What is Economics About. Appendix A. Working with Diagrams. Types of Relationships between variables. Direct Positive Inverse Negative No Relationship Variables are independent. Two-Variable Diagram Representing an Inverse Relationship.

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What is an economic model?

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Lecture 3 Fundamentals of economics

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Economics is the science of scarcity; the fact of scarcity means that we cannot have an unlimited supply of everything. Even elite athletes, major universities, and professional team owners must make decisions based on limited resources.

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Production Possibilities Frontier

Production Possibilities Frontier. Chapter 1, Section 3. Recall. Opportunity cost is the value of the best forgone alternative. PPF. The production possibilities frontier (PPF) is a diagram that shows production combinations available to an economy given finite factor inputs and technology

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Economic Decision Making -Scarcity and Choice

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