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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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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