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EC1002 Chapter 1 Lesson 1 - Production Possibility Frontier [Full Version]

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Published on Feb 17, 2018

Welcome to the Real Quickienomics. You are watching the full version of EC1002 Chapter 1 Lesson 1 - Production Possibility Frontier.

Key Topics:
- Understand the Fundamental Economic Problem
- Define an Economic Good
- Identify the 4 types of resources
- Understand the concept of Opportunity Cost
- Define Productive and Allocative Efficiency
- Draw and Mark the Production Possibility Frontier
- Write mathematical resource constraints
- Scenario where one resource can produce both X and Y at the same time
- Scenario where one good is required to produce the other good
- Exam tips and example

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