Home

Scarcity, possibilities, preferences and opportunity cost

• Comparative advantage and absolute advantage
• Comparative advantage specialization and gains from trade
• Marginal utility
• Types of indifference curves
• Equalizing marginal utility per dollar spent
• Indifference curves and marginal rate of substitution
• Deriving demand curve from tweaking marginal utility per dollar
• Opportunity cost
• Increasing opportunity cost
• Increasing opportunity cost
• Economic growth through investment
• Allocative efficiency and marginal benefit