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.
Recommended Citation
Crane, Steven E., "(1) Definition of PPF & “Terms of Trade”" (2010). Principles of Microeconomics. Paper 1.
http://epublications.marquette.edu/microecon_learning/1
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
COinS