New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Economics 201

by: Katie Conner

Economics 201 Econ 201

Marketplace > Economcs > Econ 201 > Economics 201
Katie Conner

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Econ 201 week 3 notes over PPF and trade
Intro Economics: Survey Course
Donna Bueckman
Class Notes
Economics, Econ, intro to econ
25 ?




Popular in Intro Economics: Survey Course

Popular in Economcs

This 2 page Class Notes was uploaded by Katie Conner on Saturday January 23, 2016. The Class Notes belongs to Econ 201 at a university taught by Donna Bueckman in Spring 2016. Since its upload, it has received 15 views.


Reviews for Economics 201


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/23/16
Production possibilities frontier (PPF) ­visual model of scarcity, tradeoffs, and efficiency ­slope of PPF graph=opportunity cost ­shows combinations of two goods an economy can produce given available resources  and technology  ­sets up framework for how model will work with a static amount of resources PPF and opportunity cost ­moving along a PPF involves shifting resources (like labor) from one good to another ­getting more of one good requires sacrificing some of the other good The shape of PPF ­theoretically straight but in reality it is bow shaped ­shape depends on opportunity cost as resources are shifted ­if opp. cost is constant, PPF is straight ­PPF is bow shaped if opp. cost rises as economy produces more of a good Efficiency  ­Productive efficiency: on the PPF line and technically efficient  ­Allocative efficiency: where a specific society wants to land on the PPF; more or less of  certain resources are more efficient depending on the society  Is trade necessary ­trade can make everyone better off ­countries can specialize in producing one good or service and trading it for other goods International trade ­exports: goods produced domestically and sold abroad ­imports: goods produced abroad and sold locally  Gains ­absolute advantage: the ability to produce a good using fewer inputs than another  producer ­absolute advantage can lead to specialization and gains from trade ­comparative advantage: ability to produce a good at a lower opportunity cost than  another producer 


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the I made $280 on my first study guide!"

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.