Production Possibilities, Opportunity Cost, and Economic Growth
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Transcript of Production Possibilities, Opportunity Cost, and Economic Growth
Production Possibilities, Opportunity Cost, and
Economic Growth
CHAPTER
2
2Tucker Economics for Today, 4e • Ch 2 Production Possibilities, Opportunity Cost, and Economic Growth© 2005 Thomson/South-Western
EXHIBIT 1 THE LINKS BETWEEN SCARCITY, CHOICE, AND OPPORTUNITY COST
3Tucker Economics for Today, 4e • Ch 2 Production Possibilities, Opportunity Cost, and Economic Growth© 2005 Thomson/South-Western
EXHIBIT 2 THE PRODUCTION POSSIBILITIES CURVE FOR MILITARY GOODS AND CONSUMER GOODS
4Tucker Economics for Today, 4e • Ch 2 Production Possibilities, Opportunity Cost, and Economic Growth© 2005 Thomson/South-Western
EXHIBIT 3 THE LAW OF INCREASING OPPORTUNITY COSTS
5Tucker Economics for Today, 4e • Ch 2 Production Possibilities, Opportunity Cost, and Economic Growth© 2005 Thomson/South-Western
EXHIBIT 4 AN OUTWARD SHIFT OF THE PRODUCTION POSSIBILITIES CURVE FOR COMPUTERS AND PIZZAS
6Tucker Economics for Today, 4e • Ch 2 Production Possibilities, Opportunity Cost, and Economic Growth© 2005 Thomson/South-Western
EXHIBIT 5 ALPHA’S AND BETA’S PRESENT AND FUTURE PRODUCTION POSSIBILITIES CURVES