Class notes
Questions & Gains from Specialization: (“Contemporary Economics Issues” – Chapter 2) The current chapter begins by broadly describing the roles played by households and firms in the consumption and production of goods/services. Next, the fundamental quest
Rating
Sold
-
Pages
10
Uploaded on
03-10-2023
Written in
2023/2024
This chapter begins by broadly describing the roles played by households and firms in the consumption and production of goods/services. Next, the fundamental questions that a society faces when deciding how to use its scarce productive resources are identified. The notion of the Production Possibilities Frontier (which provides a graphical depiction of the limits on output that a society faces due to resources being scarce) is described. Finally, a simple model (of a two person, two commodity economy) is established and analyzed, in order to illustrate precisely how specialization in production allows a society to maximize the amount of output which it produces
Show more
Read less
Institution
Course
Whoops! We can’t load your doc right now. Try again or contact support.
Written for
- Institution
- Kennesaw State University
- Course
- Contemporary Economic Issues
All documents for this subject (24)
Document information
- Uploaded on
- October 3, 2023
- Number of pages
- 10
- Written in
- 2023/2024
- Type
- Class notes
- Professor(s)
- Kelani
- Contains
- All classes
Subjects
-
oportunity cost
-
specialization and trade
-
specialization in production
-
the three fundamental economic questions
R137,88
Get access to the full document:
100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached
Get to know the seller
ailyndaz
