[CLEP 시험 공부] Principles of Macroeconomics, 미시경제학(1)

<1. Basic Economic Concepts>

1-1. Scarcity, Choice, and Opportunity Cost

 

SUMMARY
• Economics is the study of how people and society allocate scarce resources

• Opportunity Costs 
   – Opportunity cost: what you give up to get something

   – Opportunity costs drive the decisions we make every day

 

 

출처: Investopedia

 

1-2. Production Possibilities Curve

 

SUMMARY

• Production possibilities frontier (PPF) represents the opportunity costs an economy faces in the production of two goods. 
• All economies have scarce resources — need to decide how to allocate those resources to produce goods

– If you produce more of one good you need to produce less of the other

  (with no change in available resources) 

 

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출처: Modern States, CLEP- Principles of Macroeconomics