Ch 65: Scarcity, Opportunity Cost & Production Possibility Curves

About This Chapter

Study for an upcoming test covering scarcity, opportunity cost and production possibility curves utilizing the resources in this chapter. Boost your knowledge with help from informative lessons, and confirm your comprehension by taking multiple-choice quizzes and a chapter exam.

Scarcity, Opportunity Cost & Production Possibility Curves - Chapter Summary

The short and engaging lessons in this chapter make it easy to understand scarcity, opportunity cost and production possibility curves. Watch fun videos anytime via your computer, smartphone or tablet to examine topics that include the function of economic choice, economic efficiency and the production possibilities model. When finished with this chapter, you will be ready to:

  • Use the concept of scarcity to explain the meaning of economics
  • Define opportunity cost and discuss its use in the real world
  • Calculate and analyze opportunity cost
  • Describe the application of the production possibilities model
  • Explain scenarios that shift the production possibilities curve

Feel free to use the resources in this chapter in a way that aligns with your learning habits and study needs. Choose any number of lessons to review in the sequence you desire, and revisit them as many times as you'd like. Take multiple-choice quizzes before, during or after reviewing the lessons to assess your comprehension of the concepts they examine. Be sure to submit questions to our experts to clarify any information you don't fully understand.

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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