AP-Macroeconomics-Visuals-Unit1

AP-Macroeconomics-Visuals-Unit1 - Production Possibilities...

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Unit 1 : Macroeconomics National Council on Economic Education Visual 1.1 http://apeconomics.ncee.net Production Possibilities Curve
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Unit 1 : Macroeconomics National Council on Economic Education Visual 1.2 http://apeconomics.ncee.net Production Possibilities Curve Constant Opportunity Cost Decreasing Opportunity Cost
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Unit 1 : Macroeconomics National Council on Economic Education Visual 1.3 http://apeconomics.ncee.net Absolute Advantage and Comparative Advantage ABSOLUTE ADVANTAGE One individual or nation can produce more output with the same resources as another individual or nation. COMPARATIVE ADVANTAGE One individual or nation can produce a good at a lower opportunity cost than another EXAMPLES OF COMPARATIVE ADVANTAGE Economics professor and secretary Auto mechanic and medical doctor
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Unit 1 : Macroeconomics National Council on Economic Education Visual 1.4 http://apeconomics.ncee.net Determining Comparative Advantage (Output Method) 1. Which nation has an absolute advantage in producing corn? 2.
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AP-Macroeconomics-Visuals-Unit1 - Production Possibilities...

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