Table of Contents
Production is the process by which resources are converted into final goods and services.
Production Possibilities: A Simple 2-Good Economy
Production Possibilities Frontier (PPF)
The PPF Illustrates the Notion of Opportunity Cost
Law of Increasing Opportunity Cost
Technological Change and the PPF
Growth of Resources and the PPF
The Price System
Demand The Quantity Demanded can be represented by
What Determines Demand?
Change in Quantity Demanded vs. Change in Demand
Supply The quantity supplied can be represented in 3 ways
What Determines Supply?
Change in Quantity Supplied Vs. Change in Supply
Market Equilibrium
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Author: John Duffy
Email: jduffy@pitt.edu
Home Page: http://www.pitt.edu/~jduffy/econ110/
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