Econ_Topic_1_Lesson 3

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Economics

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Feb 20, 2024

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Econ Topic 1 Lesson 3 Do all of the Vocab on P. 13 Use the production possibilities curve (Figure 1.3) to explain: 1.Choice: What does the orange curve show? The orange curve shows the different combinations of goods and services that can be produced given the economy's resources and technology. It shows the trade-offs and choices society faces in deciding what to produce. 2. Scarcity: How does the orange curve show scarcity? The curve shows scarcity because it demonstrates that an economy cannot produce unlimited amounts of all goods and services. With finite resources, producing more of one good means producing less of another.
3.Opportunity Costs: How does the orange curve show O.C.? The curve shows opportunity costs because producing more of one good incurs an opportunity cost of forgone production of the other good. The slope of the curve at any point is the opportunity cost of producing one more unit of that good.
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