Principles of Economics
Ten Principles of Economics
Scarcity limited resources
Economics study of how society manages its scarce resources
People face trade-offs
Efficiency vs. Equal
Due: Friday, September 4, 2015 at 2:15 pm
Read Chapters 1 3 (including the appendix to Chapter 2) of Mankiws Principles of Economics (6th
ed). PDFs of the chapters are available in this group.
Complete the following
Step 1 of 4
The production possibility frontier [PPFJ depicts the tradeoff among the outputs of different goods at a given time.
The following graph shows the production possibilityr frontier for guns and butter.
F frontie r