Objective
Teachers will be able to:
- Understand how the Productive Possibilities Curve model represents scarcity, tradeoffs and opportunity costs.
- Identify the three questions every economic system must answer.
Standards
Concepts
In this economics webinar, learn how economists measure and model opportunity cost.
Description
The true cost of something is the next best alternative of what you gave up to get it.
In this session, see resources from the 4th Edition of Advanced Placement Macroeconomics Teacher Guide, CollegeBoard AP Classroom portal, and other online materials to learn how to effectively teach these fundamental themes.
We will identify the opportunity costs of various decisions that individuals and firms face, construct a production possibility curve (PPC) from data and use the PPC to explain the concept of economic growth