FrontPage: Have PPC sheet on your desk.
Best Tip Ever
Best Pet Halloween Costume
Ever
Last Word: Ch 1 Review due and Ch 1 quiz tomorrow
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What points would be considered “underutilization”?
What points would be considered “efficient”?
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 What
could actually cause a “shift” in the PPC – to
the right (“out”)?

Laptops and LCD TVs?
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 What
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could cause a shift to the left (“in”)?
Steel and Food
 What
good?
happens if the change only affects one
 Why
is the opportunity cost of doing one
more thing instead of the other NOT always a
consistent number in a PPC?


The line usually curves, it is not straight. Why?
https://www.khanacademy.org/economicsfinance-domain/microeconomics/choices-oppcost-tutorial/productionpossibilities/v/increasing-opportunity-cost
Chapter 1, Section 4
 Macroeconomics
– study
of the economy as a
whole, includes topics like
inflation, (aggregate)
demand, and (aggregate)
supply
Aggregate - a whole formed
by combining several (typically
disparate) elements.
 Microeconomics
– the
study of the individual
players in the economy,
such as individuals,
families and businesses

2 of the most well-known and important
economic thinkers of all time…

We’ll get to Marx, but…

Adam Smith –
Founder of the study of economics
 “father of modern capitalism”
 Wrote The Wealth of Nations
 Theorized the “invisible hand” of the market
