3.2
 ECO 120
Module 3 Part 2
 Survey of Economics

 

 

 

The Economic Problem

 

 

 


Review/Preview of
Learning Objectives

 

 Class Activities Checkpoint Summary Your Homework Love for Econ...

 

 

 Review/Preview of   
 Learning Objectives

 

 

Preview 

Master these learning goals.

 

  3.4  Explain what makes production possibilities expand.

 

 3.5  Explain how people gain from specialization and trade.

 

 

 

 Class
 Activities

 

Read your text.  Complete your study guide.

 


  3.4  Explain what makes production possibilities expand.
Slides number  75 through 87  deal with Course Objective  3.4 . 
Click The Economic Problem - 2004 Slides .

 

  3.5  Explain how people gain from specialization and trade.
Slides number  88 through 96  deal with Course Objective  3.5 . 
Click The Economic Problem - 2004 Slides .

 

 

 

 Checkpoint
 Summary

 

 

Text page  85  reviews the key points of The Economic Problem.

 

1. Comparative advantage The ability of a person, company, city, state, nation or region to perform an activity or produce a good or service at a lower opportunity cost than someone else.

Comparative advantage results from conscientious harnessing of resources and technology toward deliberate ends within a competitive environment.
2. Absolute advantage When one person, company, city, state, nation, or region is more productive than another in several or even  all activities.
3. Economic growth The outward shift of a person, city, company, state, nation, or region's production possibility frontier curve.

Occurs as the result of an increase in quantity or quality of land, labor, capital (including human capital), and entrepreneurial ability.

 

 

 

 Your
 Homework

 

 

Complete all portions of the textbook and study guide relating to   Checkpoint 3.4, and 3.5 on The Economic Problem. 

Take the optional post-study bonus point quizzes on The Economic Problem on Saturday following Module 3.

Take the optional pre-study bonus point quizzes on International Trade on Sunday preceding Module 4.

Then read and study International Trade course objectives 20.1 and 20.2 in your textbook and study guide
before attending the next class session.

 

 

 

 Love for Econ
 Springs Eternal !

Take a virtual internet trip through Patrick Henry Community College economics to visit the following Internet site:

Economic Research Division, Federal Reserve Bank of St. Louis
 

                                    http://www.stls.frb.org/fred/

 

The myPHCC link has been developed to help students access on-line resources commonly used by PHCC students and staff.

 

Love for econ springs eternal !