Ch 9: FTCE Social Science: Scarcity, Choice & the Production Possibilities Curve

About This Chapter

Use this chapter to review what you know about the economic topics of scarcity, choice and the production possibilities curve. Study now to prepare for these particular types of questions on the FTCE social science exam.

FTCE Social Science: Scarcity, Choice & the Production Possibilities Curve - Chapter Summary

Students can access this chapter to go over examples and models of the economic concepts of scarcity, choice and the production possibilities curve. These video lessons help students get ready for questions about:

  • Problems related to economic scarcity and choice
  • What opportunity cost is and how it's calculated
  • Uses for the production possibilities model in economics
  • Reasons the production possibilities curve might shift

Our expert instructors designed these lessons and quizzes as tools to prepare you for the FTCE social science exam. These instructors are also available to answer any questions you might have about the lessons in this chapter.

5 Lessons in Chapter 9: FTCE Social Science: Scarcity, Choice & the Production Possibilities Curve
Test your knowledge with a 30-question chapter practice test
Economic Scarcity and the Function of Choice

1. Economic Scarcity and the Function of Choice

Discover the foundation of the social science of economics as we explore the basic economic problem of scarce resources and unlimited wants using key definitions that create a framework for understanding everyday behavior in a nation.

Opportunity Cost: Definition & Real World Examples

2. Opportunity Cost: Definition & Real World Examples

Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity cost is a simple yet powerful principle that reveals how to make the best economic decisions possible, and it explains why people make the choices they do.

How to Calculate Opportunity Cost

3. How to Calculate Opportunity Cost

Learn the formula that reveals the economic value in any major choice between two possibilities. Every choice involves tradeoffs, and opportunity cost shows you how to measure these tradeoffs.

Applying the Production Possibilities Model

4. Applying the Production Possibilities Model

Producers in the economy use a visual model, called the production possibilities curve, to make the most efficient production decisions and maximize output. Learn how this model reveals the tradeoffs of every production decision with the simplified example of an economy that produces only two goods.

Shifts in the Production Possibilities Curve

5. Shifts in the Production Possibilities Curve

In this lesson you will learn how changes inside an economy lead to changes in the production possibilities of a nation. See how different scenarios from everyday life lead to shifts in the production possibilities curve.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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Other Chapters

Other chapters within the FTCE Social Science 6-12 (037): Practice & Study Guide course

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