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Questions & Gains from Specialization: (“Contemporary Economics Issues” – Chapter 2) The current chapter begins by broadly describing the roles played by households and firms in the consumption and production of goods/services. Next, the fundamental quest
This chapter begins by broadly describing the roles played by households and firms in the consumption and production of goods/services. Next, the fundamental questions that a society faces when deciding how to use its scarce productive resources are identified. The notion of the Production Possibilities Frontier (which provides a graphical depiction of the limits on output that a society faces due to resources being scarce) is described. Finally, a simple model (of a two person, two commodity ec...
- Class notes
- • 10 pages •
This chapter begins by broadly describing the roles played by households and firms in the consumption and production of goods/services. Next, the fundamental questions that a society faces when deciding how to use its scarce productive resources are identified. The notion of the Production Possibilities Frontier (which provides a graphical depiction of the limits on output that a society faces due to resources being scarce) is described. Finally, a simple model (of a two person, two commodity ec...
ECON 1000
These two chapters provide an overview of economics as a social science and introduces key concepts like scarcity, choice, and opportunity cost.
- Class notes
- • 9 pages •
These two chapters provide an overview of economics as a social science and introduces key concepts like scarcity, choice, and opportunity cost.