Podcast
Questions and Answers
What is the opportunity cost of gaining 4.4 million tons of food at point E?
What is the opportunity cost of gaining 4.4 million tons of food at point E?
3.1 million housing units
In economics, what is the tradeoff referred to when moving from point E to point C?
In economics, what is the tradeoff referred to when moving from point E to point C?
Opportunity cost
What principle in economics applies to busy college students facing time constraints during finals?
What principle in economics applies to busy college students facing time constraints during finals?
Thinking at the margin
What does the example of a busy college student facing time constraints during finals illustrate about economics?
What does the example of a busy college student facing time constraints during finals illustrate about economics?
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What is the central economic concept illustrated by the saying 'there is no free lunch'?
What is the central economic concept illustrated by the saying 'there is no free lunch'?
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What is the specific model for thinking about how a household or a country might produce more food?
What is the specific model for thinking about how a household or a country might produce more food?
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What are models in the context of economics, and how do they help us think about economic issues?
What are models in the context of economics, and how do they help us think about economic issues?
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What does the production possibilities frontier show in the context of producing more food?
What does the production possibilities frontier show in the context of producing more food?
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What is 'thinking on the margin' referred to in economics?
What is 'thinking on the margin' referred to in economics?
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How does the production possibilities frontier model relate to the long run?
How does the production possibilities frontier model relate to the long run?
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What does the shift from point J to point K on the production possibilities frontier represent?
What does the shift from point J to point K on the production possibilities frontier represent?
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What factors can lead to a shift in the production possibilities frontier in the long run?
What factors can lead to a shift in the production possibilities frontier in the long run?
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