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The Economic Problem: Scarcity and Choice

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The Economic Problem: Scarcity and Choice
What is Production? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Three Basic Questions ,[object Object],[object Object],[object Object],[object Object],[object Object]
Three Basic Questions
Specialization, Exchange and Comparative Advantage ,[object Object],[object Object]
Specialization, Exchange and Comparative Advantage ,[object Object]
Absolute Versus Comparative Advantage ,[object Object],[object Object],Output per Day of Work 2 1 Country B 3 6 Country A Clothing Food
Absolute Versus Comparative Advantage ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Output per Day of Work 2 1 Country B 3 6 Country A Clothing Food
Absolute Versus Comparative Advantage ,[object Object],[object Object],[object Object],Output per Day of Work 2 1 Country B 3 6 Country A Clothing Food
Weighing Present and Expected Future Costs and Benefits ,[object Object],[object Object]
Capital Goods and Consumer Goods ,[object Object],[object Object]
The Production Possibility Frontier ,[object Object]
The Production Possibility Frontier ,[object Object],[object Object]
The Production Possibility Frontier ,[object Object],[object Object]
The Production Possibility Frontier ,[object Object]
The Production Possibility Frontier ,[object Object]
The Production Possibility Frontier ,[object Object],[object Object]
The Law of Increasing Opportunity Cost ,[object Object],[object Object]
Economic Growth ,[object Object],[object Object]
Economic Growth ,[object Object],[object Object],[object Object]
Economic Growth ,[object Object],[object Object]
The Economic Problem ,[object Object],[object Object],[object Object],[object Object],[object Object]
The Economic Problem ,[object Object],[object Object],[object Object]
Laissez-Faire Economies: The Free Market ,[object Object],[object Object]
Laissez-Faire Economies: The Free Market ,[object Object],[object Object]
Mixed Systems, Markets, and Governments ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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The Economic Problem: Scarcity and Choice