Shoe production - PowerPoint PPT Presentation

SCARCITY: The fundamental economic problem

SCARCITY: The fundamental economic problem. Wants are unlimited Resources are limited i) Land ii) Labour iii) Capital iv) Entrepreneurship. PRODUCTION POSSIBILITIES. PRODUCTION POSSIBILITY FRONTIER. Illustrates Scarcity: Some wants are not met

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Chapter 1.3: Production Possibilities Curve

Chapter 1.3: Production Possibilities Curve. Production Possibilities Curve. How many watermelons can Capeland produce if they are making 9 million pairs of shoes ? What will the opportunity cost be if Capeland increases shoe production to 12 million? . Law of Increasing Costs.

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