Title

(1) Definition of PPF & “Terms of Trade”

Topic Category

Production Possibilities Frontier

Publication Date

2010

Keywords

Production Possibilities Frontier, PPF, Terms of Trade, Scarcity, Trade Offs

Abstract

This provides an overview of the basics of the Production Possibilities Frontier. It introduces concepts of scarcity and trade offs.

Run Time

7:10

Primary Discipline

Microeconomics

Skills Delivered

Ability to Read/Interpret a PPF Graph. Ability to explain slope as trade off or terms of trade.

Rigor Level

2000

Prerequisites

None

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