Compléter 3. Production possibilities curves and tradeoffs cont.Version en ligne PPC fill-in part 2 adapted from https://www.daveforrest.net/Economics/ap-economics-studyguide.pdf par Shaner Adams 1 How does the Production possibilities curve ? There are two key factors : ? 1 . Change in the amount of productive in the economy . ? 2 . Changes in and productivity . o Adam Key arguments : ? Division of means that production is more ? People should pursue self - because is good since it means products . ? The should keep its hands off the economy ( - ) ? Invisible ? drive the economy with self - interests . ? trade is crucial ? nations benefit by specializing in production of goods and by trading for items that they are efficient in producing . o Therefore , it would be logical to let countries do what they do for what they need . o Two types of advantages in free trade : ? : Economists look at the amount of labor hours / costs it will take to produce a product . ? ( Theory of Comparative Advantage ) : even nations with absolute advantages still benefit from . Both nations trading would benefit from trading products if they in items that they have the opportunity cost to produce . o Calculating Opportunity Costs ? Cost = ? ? ? ? ? ? ? ? ? ? ? ( ? ? ? ? ? ? ? ? ? ? ? ? ) / ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
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