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ECON UNIT ONE INSANITY
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The PPC curve iis concave relative to the origin due to
increasing opportunity cost.
tinstaafl
No such thing as a free lunch
Father of modern capitalism
Adam SMith
Over time, the satisfaction per unit declines
Diminishing marginal utility
Joan gets 4 utils per dollar from her current allocation of apples, and .5 from oranges. What should she do?
But more apples
Equation for utility maximization
MUa/pa=MUb/Pb on last dollar
4 payments to resources
wages, rent, interest, profit
4 scarce factors of production
land, labor, capital, ET
Trade based on total output
Absolute advantage
Trade based on opportunity cost
Comparative advantage
An authority allocates goods in this system
Command (communism ok)
Market allocate goods in this system
capitalism
Least cost production
Production Efficiency
When MC=MB
allocative efficiency
The best forgone choice when a decision is made
Opportunity Cost


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