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Summary ECON101- Economic Problem

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  • Course
  • Introduction To Economic Concepts 111 (ECON101)
  • Institution
  • University Of KwaZulu-Natal (UKZN)
  • Book
  • Economics

CONTENT Define the Production Possibilities Frontier and use it to calculate opportunity cost. - Using resources efficiently - Economic Growth - Gains from Trade - Economic Coordination Exercise answers

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  • No
  • Chapter 2
  • February 25, 2021
  • 36
  • 2020/2021
  • Summary

Subjects

  • ppf
  • opportunity cost
  • gains from trade
  • economic coordination
  • trade off
  • allocative efficiency
  • production efficiency
  • comparative advantage
  • absolute advantage
  • markets
  • firms
  • production possibility frontier

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  • University of KwaZulu-Natal (UKZN)
  • Introduction To Economic Concepts 111 (ECON101)
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Economics 101
The Economic Problem
Production Possibilities Frontier

,Tutor Profile
Ntuthuko Hlela
- Economic Tutor at the University of KwaZulu Natal [UKZN].
- Member of the Golden Key Society for 2 consecutive years.
- Top Economics student at the University of KwaZulu Natal for 3
consecutive years.

,Content
- Define the Production Possibilities Frontier and use it to calculate
opportunity cost.
- Using resources efficiently
- Economic Growth
- Gains from Trade
- Economic Coordination
- Exercise answers
- What is next?

, Introduction
Our lives are defined by our choices, at least fundamentally. Yes we do fac
challenges that are beyond our control [e.g., scarcity], however, it is up to
to use opportunities before us efficiently in order to fulfill our goals. For
example, the fact that you are an Economics student means that you had
forgo studying Medicine or Astronomy. In other words, because time is a
scarce resource, you had to make a choice that satisfies you the most─ an
that is studying Economics.

Firms face the same problem, because they can not afford to produce all
goods and services that consumers demand, they have to, first, produce
goods that yield more profit─ or goods that are associated with less
opportunity cost. Then, secondly, firms have to use their resources
efficiently.

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