Production Possibilities, Opportunity Cost, and Economic Growth
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Transcript of Production Possibilities, Opportunity Cost, and Economic Growth
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Production Possibilities, Opportunity Cost, and
Economic Growth
CHAPTER
2
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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
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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
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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
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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
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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