The Economic Problem: Scarcity and Choice

What is Production? ,[object Object],[object Object],[object Object],[object Object],[object Object]

Three Basic Questions ,[object Object],[object Object],[object Object],[object Object],[object Object]

Specialization, Exchange and Comparative Advantage ,[object Object],[object Object]

Specialization, Exchange and Comparative Advantage ,[object Object]

Absolute Versus Comparative Advantage ,[object Object],[object Object],Output per Day of Work 2 1 Country B 3 6 Country A Clothing Food

Absolute Versus Comparative Advantage ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Output per Day of Work 2 1 Country B 3 6 Country A Clothing Food

Absolute Versus Comparative Advantage ,[object Object],[object Object],[object Object],Output per Day of Work 2 1 Country B 3 6 Country A Clothing Food

Weighing Present and Expected Future Costs and Benefits ,[object Object],[object Object]

Capital Goods and Consumer Goods ,[object Object],[object Object]

The Production Possibility Frontier ,[object Object]

The Production Possibility Frontier ,[object Object],[object Object]

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

Economic Growth ,[object Object],[object Object]

Economic Growth ,[object Object],[object Object],[object Object]

The Economic Problem ,[object Object],[object Object],[object Object],[object Object],[object Object]

The Economic Problem ,[object Object],[object Object],[object Object]

Laissez-Faire Economies: The Free Market ,[object Object],[object Object]

Mixed Systems, Markets, and Governments ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Economic Problem: Scarcity and Choice

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The Economic Problem: Scarcity and Choice