In segment 2 of the 3 part series on the Production Possibilities Frontier, this 5 minute video provides information on the factors of production, scarcity, opportunity cost and productivity. It will aid in mastery of standard EPF. 1 (a) and (d).

Remember when airlines started charging for checked bags? What happened to the number of checked bags after this added charge? And what happened to the availability of in-cabin storage space on planes? The April 2013 issue answers these questions and discusses the pivotal role price plays in a market economy.

Recognizing that a course in economics may seem daunting to some students, we have tried to make the writing clear and engaging. Clarity comes in part from the intuitive presentation style, but we have also integrated a number of pedagogical features that we believe make learning economic concepts and principles easier and more fun. These features are very student-focused. The chapters themselves are written using a “modular” format. In particular, chapters generally consist of three main content sections that break down a particular topic into manageable parts. Each content section contains not only an exposition of the material at hand but also learning objectives, summaries, examples, and problems. Each chapter is introduced with a story to motivate the material and each chapter ends with a wrap-up and additional problems. Our goal is to encourage active learning by including many examples and many problems of different types.

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.

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

Analyze arguments against economic approaches to decision-making
Interpret a tradeoff diagram
Contrast normative statements and positive statements

In this Unit, you will learn about:How Individuals Make Choices Based on Their Budget ConstraintThe Production Possibilities Frontier and Social ChoicesConfronting Objections to the Economic Approach

By the end of this section, you will be able to:Discuss the importance of studying economicsExplain the relationship between production and division of laborEvaluate the significance of scarcity

tudents learn about scarcity, alternatives, choices and opportunity costs by reading So Few of Me. The class participates in an activity to help Perdita figure out her morning schedule at summer camp. The students identify Perdita's alternatives, choose activities for her and identify the opportunity costs of those choices. Then, students work in groups to make choices and identify opportunity costs for Juan's after-school schedule.

The study of economics is built on the foundation of three very important concepts: scarcity, choice, and opportunity cost. In this episode of the Economic Lowdown video series, economic education Coordinator Scott Wolla uses these three concepts to explain why there is no such thing as a free lunch.

What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much an economic decision as anything else.

Economics is probably not what you think it is. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.

Is there a recipe for economic growth? Perhaps some Miracle-Gro for the economy? If only it were that easy. While the exact recipe is a mystery, economists have identified some of the key ingredients. The September 2013 issue discusses the role that economic institutions play in fostering long-term economic growth.

The unemployment rate always seems to be in the news, but did you know there are different kinds of unemployment? There is the natural rate of unemployment; cyclical, frictional, and structural unemployment; plus underemployment. Read the October 2013 issue to learn the differences.