In this economics tutorial, you as a producer have to determine how much of a given product you should make.

This energy classroom game focuses on energy sources. Students learn that energy, the environment, and economics are closely tied. During the course of the game students discover the concepts of scarcity, opportunity cost, net energy profit, law of diminishing returns, and that availability does not mean usefulness.

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.

By the end of this section, you will be able to:

Interpret production possibilities frontier graphs
Contrast a budget constraint and a production possibilities frontier
Explain the relationship between a production possibilities frontier and the law of diminishing returns
Contrast productive efficiency and allocative efficiency
Define comparative advantage

By the end of this section, you will be able to:

Explain economic convergence
Analyze various arguments for and against economic convergence
Evaluate the speed of economic convergence between high-income countries and the rest of the world