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Ch033 - CHAPTER CHECKLIST

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Cobbe ECO2013F03 Chapter 3 Page 1 of 14 < When you have completed your study of this chapter, you will be able to C H A P T E R C H E C K L I S T Use the production possibilities frontier to illustrate the economic problem. 1 Calculate opportunity cost. Explain how people gain from specialization and trade. Explain how technological change and increases in capital and human capital expand production possibilities. 2 3 4 3.1 PRODUCTION POSSIBILITIES < Production Possibilities Frontier Production possibilities frontier The boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology. The PPF is a valuable tool for illustrating the effects of scarcity and its consequences.
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