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Production Possibilities

Lesson Objectives

  1. Use the production possibilities frontier to illustrate scarcity and opportunity cost.
  2. Understand how to identify efficiency and inefficiency using the production possibilities frontier.
  3. How economic growth changes the production possibilities frontier

Textbook reading

  • Chapter 2: Introduction and 2-1e Our Second Model: The Production Possibilities Frontier

Non-textbook materials

Videos

Video: Production Possibilities
Video Questions, Answers & Updates
Video: Scarcity, Efficiency, and Growth
Video Questions, Answers & Updates
Video: Deriving a Production Possibilities Frontier
Video Questions, Answers & Updates

Study aids