Please enable JavaScript.

Coggle requires JavaScript to display documents.

Econs Chapter 1, don't care about your - Coggle Diagram

- - - - The Production Possibility Curve (PPC) shows the maximum attainable combinations of two goods and services that can be produced in an economy, when all the available resources are used fully and efficiently, at a given state of technology.
- - - - positive economics seeks to describe and explain economic facts and events observed objectively. it is a statement that in principle, is capable of being refuted by reference to evidence
  - - - normative economics looks at the outcomes of economic behavior and questions whether they are good or bad. it is a statement of value or subjective opinion that cannot be proved or disproved by an appeal to facts
- - - - Marginal benefit refers to the additional benefit gained from
        consuming or producing one more unit of the good/service.
    - - Marginal cost is the additional cost incurred from consuming or
        producing one more unit of the good/service.