Notas de lectura
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
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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
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Escuela, estudio y materia
- Institución
- Kennesaw State University
- Grado
- Contemporary Economic Issues
Todos documentos para esta materia (24)
Información del documento
- Subido en
- 3 de octubre de 2023
- Número de páginas
- 10
- Escrito en
- 2023/2024
- Tipo
- Notas de lectura
- Profesor(es)
- Kelani
- Contiene
- Todas las clases
Temas
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oportunity cost
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specialization and trade
-
specialization in production
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the three fundamental economic questions
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