EC101sOutlines04ProductionFrontier

EC101sOutlines04ProductionFrontier - EC101 BB EE Manove...

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EC101 BB & EE / Manove Lecture 4: Production, Specialization and the Gains Specialization and the Gains from Trade Specialization p 1 EC101 BB & EE / Manove The Production Process The entire production process is a series of transformations in which the primary factors of production …become the final goods and services desired by households households. First we describe what the primary factors of d ti production are. The we describe which combinations of goods can b d t f th be made out of them, … and how the factors of production should be used to get the desired combination. Supply & Demand p 2
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