production possibilities, opportunity cost, and economic growth

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Production Possibilities, Opportunity Cost, and Economic Growth CHAPTER 2

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Production Possibilities, Opportunity Cost, and Economic Growth. C HAPTER. 2. T HE L INKS BETWEEN S CARCITY, C HOICE, AND O PPORTUNITY C OST. EXHIBIT 1. T HE P RODUCTION P OSSIBILITIES C URVE FOR M ILITARY G OODS AND C ONSUMER G OODS. EXHIBIT 2. EXHIBIT 3. - PowerPoint PPT Presentation

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Page 1: Production Possibilities, Opportunity Cost, and Economic Growth

Production Possibilities, Opportunity Cost, and

Economic Growth

CHAPTER

2

Page 2: Production Possibilities, Opportunity Cost, and Economic Growth

2Tucker Economics for Today, 4e • Ch 2 Production Possibilities, Opportunity Cost, and Economic Growth© 2005 Thomson/South-Western

EXHIBIT 1 THE LINKS BETWEEN SCARCITY, CHOICE, AND OPPORTUNITY COST

Page 3: Production Possibilities, Opportunity Cost, and Economic Growth

3Tucker Economics for Today, 4e • Ch 2 Production Possibilities, Opportunity Cost, and Economic Growth© 2005 Thomson/South-Western

EXHIBIT 2 THE PRODUCTION POSSIBILITIES CURVE FOR MILITARY GOODS AND CONSUMER GOODS

Page 4: Production Possibilities, Opportunity Cost, and Economic Growth

4Tucker Economics for Today, 4e • Ch 2 Production Possibilities, Opportunity Cost, and Economic Growth© 2005 Thomson/South-Western

EXHIBIT 3 THE LAW OF INCREASING OPPORTUNITY COSTS

Page 5: Production Possibilities, Opportunity Cost, and Economic Growth

5Tucker Economics for Today, 4e • Ch 2 Production Possibilities, Opportunity Cost, and Economic Growth© 2005 Thomson/South-Western

EXHIBIT 4 AN OUTWARD SHIFT OF THE PRODUCTION POSSIBILITIES CURVE FOR COMPUTERS AND PIZZAS

Page 6: Production Possibilities, Opportunity Cost, and Economic Growth

6Tucker Economics for Today, 4e • Ch 2 Production Possibilities, Opportunity Cost, and Economic Growth© 2005 Thomson/South-Western

EXHIBIT 5 ALPHA’S AND BETA’S PRESENT AND FUTURE PRODUCTION POSSIBILITIES CURVES

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1 Production Possibilities, Opportunity Cost and Economic Growth ©2005 South-Western College Publishing Key Concepts Summary

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