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Ch 1: Homework Help for Scarcity, Choice & the Production Possibilities Curve

About This Chapter

The Scarcity, Choice and the Production Possibilities Curve chapter of this College-Level Principles of Macroeconomics Homework Help course helps students complete their scarcity, choice and the production possibilities curve homework and earn better grades. This homework help resource uses simple and fun videos that are about five minutes long.

How it works:

  • Identify which concepts are covered on your scarcity, choice and the production possibilities curve homework.
  • Find videos on those topics within this chapter.
  • Watch fun videos, pausing and reviewing as needed.
  • Complete sample questions and get instant feedback.
  • Finish your scarcity, choice and the production possibilities curve homework with ease!

Topics from your homework you'll be able to complete:

  • Economic scarcity and the function of choice
  • Opportunity cost
  • Production possibilities model
  • Production possibilities curve

8 Lessons in Chapter 1: Homework Help for 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.

What is the Basic Economic Problem of Scarcity?

6. What is the Basic Economic Problem of Scarcity?

Why do we have to make choices and trade-offs? Why does it cost money to produce and consume the goods society wants? The answer is scarcity. Through this lesson, you will gain a better understanding of the concept of scarcity and why it forces us to make decisions and trade-offs everyday.

The Cobb Douglas Production Function: Definition, Formula & Example

7. The Cobb Douglas Production Function: Definition, Formula & Example

The Cobb-Douglas production function represents the relationship between two or more inputs - typically physical capital and labor - and the number of outputs that can be produced. It's a commonly used function in macroeconomics and forecast production.

Shortage & Scarcity in Economics: Definition, Causes & Examples

8. Shortage & Scarcity in Economics: Definition, Causes & Examples

What causes goods to become unavailable all of a sudden? Is that considered a scarcity or a shortage? These questions will be discussed in the lesson on shortages and what contributes to them.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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