AP-Macroeconomics-Visuals-Unit1 - Production Possibilities Curve Unit 1 Macroeconomics National Council on Economic Education Visual 1.1

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

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Unit 1 : Macroeconomics National Council on Economic Education Visual 1.1 Production Possibilities Curve
Unit 1 : Macroeconomics National Council on Economic Education Visual 1.2 Production Possibilities Curve Constant Opportunity Cost Decreasing Opportunity Cost
Unit 1 : Macroeconomics National Council on Economic Education Visual 1.3 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
Unit 1 : Macroeconomics National Council on Economic Education Visual 1.4 Determining Comparative Advantage (Output Method)

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