1. Production Possibilities Curve Paper and Pencil for your quiz.
Module 3
Production Possibilities Curve
Paper and Pencil for your quiz.

2. M3 Quiz 1. What is the importance of trade-offs in economic analysis?
2. What does the PP Curve tell us about efficiency?
3. What does the PP Curve tell us about opportunity cost?
4. What does the PP Curve tell us about economic growth?
5. What are the two sources of economic growth?
M3 Quiz

3. Tradeoffs are important in economic analysis because they illustrate what one must give up to get something else.
EVERYONE FACES TRADEOFFS
1. Tradeoffs

4. 2. PP curves and Efficiency
Points inside the curve are inefficient
Points on the curve are efficient
2. PP curves and Efficiency

6. 3. PP curves and Opportunity Costs
In order to get more of product A on the Y axis, you must give up some of product B on the X axis.
3. PP curves and Opportunity Costs

8. PP Curves and Economic Growth
Growth of the Economy is illustrated by the PP Curve expanding outward from the origin.
PP Curves and Economic Growth

10. 2 Sources of Economic Growth
1. advancements in technology
2. increase in availability of resources
2 Sources of Economic Growth