1. Economic Choices And Decision Making
Understand Costs/Benefits
Understand the Production Possibilities Frontier and Trade Offs
Understand causes of Economic Growth

2. Trade Offs
Alternative Choices to a Problem

4. Opportunity Cost
What is given up in a decision

6. Cost-Benefit Analysis
Comparing costs and benefits
Benefits should outweigh costs

7. Production Possibilities Frontier
Gives various combinations of goods or services an economy can produce when all productive resources are fully employed

9. Fully Employed Resources
Point will be on the curve
Business efficient

10. Idle Resources Business not efficient Resources not fully employed
Point inside the frontier

11. Economic Growth
Production frontier can change because of population, capital, and productivity
The whole frontier can and will shift outward when growth occurs

13. DO YOU KNOW?
What the production possibilities frontiers looks like and shows us???
Difference between idle and fully employed resources???
What causes economic growth and what are the effects of it???