part 3

• Production Possibility Frontier is a diagram that models scarcity, choice, and opportunity cost.
• Production Possibility Frontier shows the choice between two options (PPE and food)
• In Production Probability Frontier, the blue curve represents their limited resources.
• In Production Possibility Frontier, the points on or inside the PPF curve represent the possible choices for production.
• In Production Possibility Frontier, the points on the PPF curve are efficient. They maximize all available resources.
• In Production Possibility Frontier, the points inside the PPF curve are possible but inefficient as it leaves resources unused.
• In Production Possibility Frontier, the points outside the PPF curve are impossible given the current limited resources
• In Production Possibility Frontier, Scarcity is seen with how the curve prevents us from fulfilling all the wants for both PPE and food.
• In Production Possibility Frontier, Choice is visualized through the different points of production (A, B, C, and D) that are available.
• In Production Possibility Frontier, Opportunity cost is present because choosing any of the points means missing out on the other alternatives.
• Microeconomics is the subset of economics that focuses on the decisions of smaller agents.
• Macroeconomics is the subset of economics that focuses on aggregates and groups of agents.
• Title of Lesson 1: Economics as a Social Science