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Ch 1: Macroeconomics - the Production Possibilities Curve: Tutoring Solution

About This Chapter

The Scarcity, Choice, and The Production Possibilities Curve chapter of this College Macroeconomics Tutoring Solution is a flexible and affordable path to learning about scarcity, choice, and the production possibilities curve. These simple and fun video lessons are each about five minutes long and they teach all of the scarcity, choice, and the production possibilities curve operations required in a typical college macroeconomics course.

How it works:

  • Begin your assignment or other macroeconomics work.
  • Identify the scarcity, choice, and production possibilities curve concepts that you're stuck on.
  • Find fun videos on the topics you need to understand.
  • Press play, watch and learn!
  • Complete the quizzes to test your understanding.
  • As needed, submit a question to one of our instructors for personalized support.

Who's it for?

This chapter of our college macroeconomics tutoring solution will benefit any student who is trying to learn about scarcity, choice, and the production possibilities curve and earn better grades. This resource can help students including those who:

  • Struggle with understanding economic scarcity, opportunity cost, production possibilities model or any other scarcity, choice, and production possibilities curve topic
  • Have limited time for studying
  • Want a cost effective way to supplement their economics learning
  • Prefer learning economics visually
  • Find themselves failing or close to failing their scarcity, choice, and the production possibilities curve unit
  • Cope with ADD or ADHD
  • Want to get ahead in macroeconomics
  • Don't have access to their economics teacher outside of class

Why it works:

  • Engaging Tutors: We make learning about scarcity, choice, and the production possibilities curve simple and fun.
  • Cost Efficient: For less than 20% of the cost of a private tutor, you'll have unlimited access 24/7.
  • Consistent High Quality: Unlike a live economics tutor, these video lessons are thoroughly reviewed.
  • Convenient: Imagine a tutor as portable as your laptop, tablet or smartphone. Learn about scarcity, choice, and the production possibilities curve on the go!
  • Learn at Your Pace: You can pause and rewatch lessons as often as you'd like, until you master the material.

Learning Objectives

  • Explain how the concept of scarcity shapes our definition of economics.
  • Provide real-world examples of situations involving opportunity cost.
  • Learn how to calculate opportunity cost.
  • Describe the most efficient way to produce two goods.
  • Understand that certain scenarios can shift the production possibilities curve.

5 Lessons in Chapter 1: Macroeconomics - the Production Possibilities Curve: Tutoring Solution
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.

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