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31 Pages • Complete Study Notes • Year: Pre-2021
LECTURE 1: COMPARATIVE ADVANTAGE AND THE BASIS FOR TRADE One Agent Economy • Two productive activities • The amount of resources used to perform a productive activity determines productivity • Resources are scarceàoften we operate in a constrained environment e.g. time constraint • Production Possibility Curve: PPC represents all maximum output possibilities for 2 goods, given a set of inputs which are used efficiently • Definition: Efficient Production Point (EPP) represents a combination of goods for which currently available resources do not allow an increase in the production of one good without a reduction in the production of the other. All points on the PPC are efficient. • Definition: Inefficient Production Point (IPP) represents a combination of goods for which currently available resources allow an increase in the production of one good without a reduction in the production of the other. All the points below and to the left of the PPC are inefficient. • Definition: Attainable Production Point (APP) any combination of goods that can be produced with the current available resources. All points on the PPC/below and to the left of the PPC are attainable. • Definition: Unattainable Production Point (UPP) any combination of goods that cannot be produced with the current available resources. All points that lie outside the PPC are unattainable.
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