Production Possibilities and Opportunity Cost
{"Image DocumentName": "Production Possibilities and Opportunity Cost", "Image ImageDescription": "The production possibilities frontier (PPF) is the boundary between those combinations of goods and services that can be produced and those that cannot. To illustrate the PPF, we focus on two goods at a time and hold the quantities of all other goods and services constant. That is, we look at a model economy in which everything remains the same (ceteris paribus) except the two goods we\u2019re considering. The production possibility frontier (PPF) is the first economic model the students see. Your first challenge is to ensure that the students understand the mechanics of the model. You can provide some help in the classroom, but you main goal must be to get the students working\u2014to develop good work habits. Encourage them to do the end-of-chapter problems, study guide questions, and Economics in Action tutorial and quiz so that they are comfortable with the mechanics of this chapter. Also encourage them to use the diagnostic quizzes on the Web site and follow the 8 steps to success in economics in reviewing their understanding. 2-6.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}