Basic Economic Principles

Economics ,[object Object],[object Object]

Micro vs. Macro Economics ,[object Object],[object Object]

Economic Principles ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Positive vs. Normative Economics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economic Fallacies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economic Fallacies Continued ,[object Object],[object Object]

Scarcity ,[object Object],[object Object]

Methods of Dealing With Scarcity ,[object Object],[object Object],[object Object],[object Object]

Opportunity Cost ,[object Object],[object Object],[object Object]

Incentives ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Production Possibilities Curve ,[object Object],[object Object]

Assumptions of the Production Possibilities Curve ,[object Object],[object Object],[object Object]

Production Possibilities Curve

Production Possibilities Curve ,[object Object],[object Object],[object Object],[object Object],[object Object]

The Law of Increasing Relative Cost ,[object Object],[object Object],[object Object],[object Object],[object Object]

The Law of Increasing Returns to Scale ,[object Object],[object Object],[object Object]

Productive Efficiency and Full Employment ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Full Employment Verses Full Production Efficiency ,[object Object],[object Object],[object Object]

Production Outside the PPC ,[object Object],[object Object],[object Object]

Absolute and Comparative Advantage ,[object Object],[object Object]

Example of Absolute Advantage ,[object Object],[object Object]

Trading with Absolute Advantage ,[object Object],[object Object],4/3 A 3/4 B USA 1/5 A 5 B Canada Product B Product A

Trading ,[object Object],[object Object]

Comparative Advantage ,[object Object],[object Object],[object Object]

Comparative Advantage and Opportunity Costs ,[object Object],[object Object],1 A 1 B Jane ½ A 2 B Jack Product B Product A

Comparative Advantage and Trading ,[object Object],[object Object]

Basic Economic Principles

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Basic Economic Principles