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Essay Details:
Essay text:
2
v Economic models: Ways of presenting complicated economic relationships (eliminates the parts of the picture you don't need)
v Production Possibilities Frontier: any point within the curve is inefficient, any point outside the curve is unobtainable/unfeasible
Corn Cars
100 0
90 1
70 2
40 3
0 4
v Technology will help you to expand your production possibilities and you can produce more of both because you can task more resources to other resources, maximizing efficiency (economic growth; cars doubled in example)
Corn Cars
100 0
90 2
70 4
40 6
0 8
v Absolute advantage: better at both trades
v Comparative advantage: have to give up less resources in order to have a different trade
O Example: US and Japan (best way is to have 4 apples and 4 oranges in US and 2 apples and 2 oranges for the Japs)
2/9/06
us Japan
apples orange Apples orange
10 0 0 4
8 1 1 2
6 2 2 0
4 3
2 4
0 5
An orange in Japan costs ?
And orange costs 2 apples
Four Sectors of the economy
Households consumes goods and services
Business Firms to create goods you need capital??...
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