The Central Economic Problem · Scarcity and Choice

The Production Possibility Curve

Using graphical models to illustrate concepts of scarcity, choice, opportunity cost, and economic growth.

Key Questions

  1. 1Who benefits and who bears the costs of shifting resources between sectors?
  2. 2What determines the shape of the trade-off frontier for a nation?
  3. 3How does investment in capital goods today affect future consumption possibilities?

MOE Syllabus Outcomes

MOE: The Central Economic Problem - JC1
Level: JC 1
Subject: Economics
Unit: The Central Economic Problem
Period: Scarcity and Choice

Suggested Methodologies

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Understanding the nature of the economic problem and the necessity of trade-offs in decision making.

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