Intro: Topic 4 -- Production Possibilities
Welcome to Advanced Placement Macroeconomics with Mr. Willis!
This is the fourth video of our "Intro to Macro" video lecture series, which is part of your summer assignment. Watch the video and take notes on it. We'll discuss the subject matter and practice the principles associated with it during the first week of the course.
This video lecture analyzes production possibilities and how scarcity forces economies to make decisions on how to allocate their scarce resources. Together, we will practice calculating the opportunity cost of production, and then investigate how countries weigh costs and benefits when allocating resources to meet the needs of their people. It is the perfect way to build your understanding of the opportunity costs of producing goods and services!
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