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Material Type: Notes; Professor: Sekhposyan; Class: Introduction to Economics; Subject: ECONOMICS; University: University of North Carolina - Chapel Hill; Term: Unknown 2007;
Typology: Study notes
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b. How to graph a linear equation? c. Slope of a curve
PPF highlights the ideas of scarcity, efficiency, trade-offs, opportunity cost and economic growth (Refer to the graphs in the lecture for the details.)
absolute advantage - the ability to produce a good using fewer inputs than another producer comparative advantage - the ability to produce a good at a lower opportunity cost than another producer
A producer can still benefit from trade if he/she has no absolute advantage in any of the products produced. Comparative advantage is what matters!
Tatevik Sekhposyan ( UNC-Chapel Hill) Introduction to Economics - Lecture 2 May 16, 2007 1 / 1