Chapter 1.3: Production Possibilities Curve
Chapter 1.3: Production Possibilities Curve
Feb 23, 2016
Chapter 1.3: Production Possibilities Curve. Production Possibilities Curve. How many watermelons can Capeland produce if they are making 9 million pairs of shoes ? What will the opportunity cost be if Capeland increases shoe production to 12 million? . Law of Increasing Costs. - PowerPoint PPT Presentation
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Chapter 1.3: Production Possibilities Curve
Slide 2Copyright © Pearson Education, Inc.Chapter 1, Section 3
Production Possibilities Curve
– How many watermelons can Capeland produce if they are making 9 million pairs of shoes?
– What will the opportunity cost be if Capeland increases shoe production to 12 million?
Slide 3Copyright © Pearson Education, Inc.Chapter 1, Section 3
Law of Increasing Costs
Slide 4Copyright © Pearson Education, Inc.Chapter 1, Section 3
Technology and Education
• Technology can increase a nation’s efficiency.
• Many governments spend money investing in new technology, education, and training for the workforce.
Slide 5Copyright © Pearson Education, Inc.Chapter 1, Section 3
Review
• Now that you have learned about how a nation decides what and how to produce, go back and answer the Chapter Essential Question.– How can we make the best economic
choices?
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