Economics: Principles & Policy: Ch 2 Summary & Class Notes
This download includes both a PowerPoint and PDF version. It introduces marginal costs & benefits and explains the production possibilities frontier curve. Full lesson including notes, simple definitions, examples, and graphs.
Topics:
• Economic Good
• Opportunity Cost
• Marginal-Benefit, -Cost, -Revenue
• Supply Curve/Marginal Cost Curve
• Demand Curve/Marginal Benefit Curve
• Production Possibilities Frontier Curve (PPF/PPC)
• Law of Diminishing Returns
• Law of Increasing Cost
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