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Lecture Economics - Chapter 2: Production possibilities and opportunity cost

In chapter 2, you will learn to solve these economic puzzles: Why are investment and economic growth so important? Why would you spend an extra hour reading this text, rather than going to a movie or sleeping? Why are so few rock stars or movie stars in your classes? | Chapter 2 Production Possibilities and Opportunity Cost ©2000 South-Western College Publishing Key Concepts Summary Practice Quiz Internet Exercises * In this chapter, you will learn to solve these economic puzzles: Why are so few rock stars or movie stars in your classes? Why would you spend an extra hour reading this text, rather than going to a movie or sleeping? Why are investment and economic growth so important? * What are the three Fundamental Economic Questions? What to produce? How to produce? For whom to produce? * Return to previous slide while in slide show * What is Opportunity Cost? The best alternative sacrificed for a chosen alternative * What Opportunity Cost am I experiencing now? The most money that you could be making if you were somewhere else instead of studying these slides * Can Opportunity Cost be something other than money? That most desired activity that you are presently giving up is considered an opportunity cost Yes! * What is Marginal Analysis? An examination of the effects of additions to or subtractions from a current situation * What is an example of Marginal Analysis? When your benefit of studying these slides exceeds the opportunity cost, you will spend time studying these slides * What is a Production Possibilities Curve? A curve that shows the maximum combinations of two outputs that an economy can produce, given its available resources and technology * What is Technology? The body of knowledge and skills applied to how goods are produced * A B Military Goods Consumer Goods Unattainable Inefficient Production Possibilities Curve Efficient * What three assumptions underlie the Productions Possibilities Curve Model? Fixed resources Fully employed resources Technology unchanged * What is the conclusion of the Production Possibilities Curve? Scarcity limits an economy to points on or below its production possibilities curve * What is the Law of Increasing Opportunity Costs? The . | Chapter 2 Production Possibilities and Opportunity Cost ©2000 South-Western College Publishing Key Concepts Summary Practice Quiz Internet Exercises * In this chapter, you will learn to solve these economic puzzles: Why are so few rock stars or movie stars in your classes? Why would you spend an extra hour reading this text, rather than going to a movie or sleeping? Why are investment and economic growth so important? * What are the three Fundamental Economic Questions? What to produce? How to produce? For whom to produce? * Return to previous slide while in slide show * What is Opportunity Cost? The best alternative sacrificed for a chosen alternative * What Opportunity Cost am I experiencing now? The most money that you could be making if you were somewhere else instead of studying these slides * Can Opportunity Cost be something other than money? That most desired activity that you are presently giving up is considered an opportunity cost Yes! * What .