101 lecture 3
Post on 04-Aug-2015
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iPad
iPhone
Production Possibilities Frontier
EfficientCombinations
Inefficient
Impossiblewith currenttechnology
New innovationhelps iPhone
New innovationhelps both
Now possible520200
400400
250500
0600
Exam 1 review
• Terms and Concepts
• Formulas
• Blog
• Book
• 25 multiple choice questions
• No cell phones - bring calculator
Terms and Concepts• Scarcity
• Choices
• Tradeoffs
• Rational
• Incentives
• Behavior
• Utility
• Margin
• Markets
• Circular-Flow Diagram
• Production Possibilities Frontier
• Macro vs. Micro
• Positive vs. Normative
• Absolute Advantage
• Comparative Advantage
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