Chapter One: Economic Activity in Context. The Goals of an Economy.

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Chapter One: Economic Activity in Context

Transcript of Chapter One: Economic Activity in Context. The Goals of an Economy.

Page 1: Chapter One: Economic Activity in Context. The Goals of an Economy.

Chapter One:

Economic Activity in Context

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The Goals of an Economy

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Table 1.1: A Potential List of Final Goods

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Economic Tradeoffs

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Figure 1.1: Society’s Production Possibilities Frontier

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Figure 1.2: An Expanded Production Possibilities Frontier

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Figure 1.3: Society’s Choice between Current Production and Resource Maintenance

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Figure 1.4: Possible Future Production Possibilities Frontiers

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Microeconomics in Context

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Figure 1.5: The Circular Flow Diagram

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Figure 1.6: Microeconomics in Context