Econ Chapter 3
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Without Trade, the production possibility frontier would also be the consumption possibility frontier
- would be the same curves if graphed
- have to use up what you don't trade so only making it for you to use
When determining opportunity costs
use the table of AMOUNT PRODUCED!
what you give up/what you earn
comparison among the producers to see who can produce a good using fewer INPUTS than another producer (ie make more in less time)
comparison among the producers to see who can produce good at lower OPPORTUNITY COST
flout between maximum and minimum opportunity cost level
(max + min/2)
goods produced abroad and sold domestically
goods produced domestically and sold abroad
Economists generally support "Free International Trade"
Because trade can make everyone better off
What would you like to do?
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