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  1. Home
  2. Principles of economics
  3. Choice in a world of scarcity

Choice in a world of scarcity

OpenStax OpenStax
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Introduction to choice in a world of scarcity
How individuals make choices based on their budget constraint
The production possibilities frontier and social choices
1   The shape of the ppf and the law of diminishing returns
2   Productive efficiency and allocative efficiency
3   Why society must choose
4   The ppf and comparative advantage
5   Key concepts and summary
Confronting objections to the economic approach

Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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