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Chap 2 Ec 201
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Introduction to Economics
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Defining Economic Terms: Scarcity, Trade-offs, and Opportunity Costs
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Definition of Economics: Micro vs. Macro
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Economic Systems
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Positive and Normative Statements
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Positive Statements vs. Normative Statements
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Identifying Statements
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Circular Flow Diagram
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Households and Firms
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The Circular Flow Diagram
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Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency
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Understanding the PPF
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PPF - Attainable and Efficient
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