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Budget Constraint
Opportunity Set
Opportunity cost
Opportunity Cost of a $2 burger is ____.
Marginal Analysis
Law of Diminishing Marginal Utility
(happiness and satisfaction of banana)
Production Possibility Frontier (PPF)
Law of Diminishing (Marginal) Returns
(Education and Healthcare)
Q: PPF curved because of the ______.
Productive Efficiency
Allocative Efficiency
Absolute Advantage
Comparative Advantage
"Good at Everything Neighbor while you're Bad at Everything"
Is Trade an Absolute Advantage or Comparative Advantage?
Positive Statement
Normative Statement
What's the comparative advantage of Canada?
MS AB
Canada 2000 1000
USA 3000 6000
