02: Production Possibilities Curve
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18 Terms
What do we use graphs for?
What is the production possibilities curve (PP-curve)?
How opportunity cost shown on the PP-curve?
How does a graph of resources that are equally well suited to producing goods versus not equally well suited to producing goods look like?
How are attainable and unattainable regions shown on the PP-curve?
How is unemployment shown on the PP-curve?
How is scarcity shown on the PP-curve?
How is efficiency shown on the PP-curve?
How is economic growth shown on the PP-curve?
What is the rule of 72?
What causes an economy to grow?
How to accumulate capital goods?
What is trade?
What is the difference between trade and commerce?
What is the main reasons for trade?
What does the law of comparative advantage say?
What are three questions each nation must answer?
What is the cost-benefit approach for evaluating policy?
Note 
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