Microeconomics Econ 1P91

Microeconomics Econ 1P91 - Microeconomics Econ 1P91(D2 Key...

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Microeconomics Econ 1P91 (D2) Key Concepts: Scarcity - Resources are scarce Choice - choose one good Opportunity Cost – Best alternative foregone – give up/get Production Possibility Frontier Or, Curve Or, Boundry: Assumptions Attainable and Unattainable Measurement Increasing Opportunity Costs Shifts of PPF Positive and Normative Statements: Positive Statements: consistent with observation, give us an understanding of economics & allow us measure, build & test models Cause and effect relationships Tell what is, was, or will be Appeals to facts Testable Normative Statements: how one envisions the economy (motherhood and apple pie) What should or ought to be in a moral sense What one would like to have happen
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Value Judgement Not testable or factual Production Possibility Frontier: Maximum Production Combinations in economy
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