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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