Econ 110 - DR.NAMINGIT
Econ 110 - DR.NAMINGIT Econ 110
Popular in Principles of macro economics
Popular in Department
This 1 page Class Notes was uploaded by Brianna Salgado on Friday July 22, 2016. The Class Notes belongs to Econ 110 at Kansas State University taught by Sherlly Namingit in Summer 2016. Since its upload, it has received 5 views.
Reviews for Econ 110 - DR.NAMINGIT
Report this Material
What is Karma?
Karma is the currency of StudySoup.
Date Created: 07/22/16
Econ 110 Production Possibilities Frontier (PPF): a graph that shows the combos of two goods the economy can possibly produce given the available resources and the available technology. Assumptions Producti o Technology on fixed o Resources Comput Whe fixed o Simplified two-good analysis ers at Point E (500,0) = A 500 0 Specializing in Computers Point A (0,5000) = B 400 1000 Specializing in Wheat Points B,C ,D = C 250 2500 Points of Efficiency D 100 4000 Comparative Advantage: The situation in which an E 0 5000 individual, business, or country can produce at a lower opportunity cost than a competitor.