Ch. 2 - Introductory Economic ModelsWorksheetSee all chapters
All Chapters
Ch. 1 - Introduction to Microeconomics
Ch. 2 - Introductory Economic Models
Ch. 3 - Supply and Demand
Ch. 4 - Elasticity
Ch. 5 - Consumer and Producer Surplus; Price Ceilings and Floors
Ch. 6 - Introduction to Taxes and Subsidies
Ch. 7 - Externalities
Ch. 8 - The Types of Goods
Ch. 9 - International Trade
Ch. 10 - The Costs of Production
Ch. 11 - Perfect Competition
Ch. 12 - Monopoly
Ch. 13 - Monopolistic Competition
Ch. 14 - Oligopoly
Ch. 15 - Markets for the Factors of Production
Ch. 16 - Income Inequality and Poverty
Ch. 17 - Asymmetric Information, Voting, and Public Choice
Ch. 18 - Consumer Choice and Behavioral Economics
Everyone has different levels of productivity. Who's better at making what? How do we define "better"?

Concept #1: Two PPFs, Specialization, and Absolute Advantage

Concept #2: Opportunity Costs and Comparative Advantage

Practice: Who has the absolute advantage in making scrambled eggs?


Practice: Who has the absolute advantage in making fresh squeezed orange juice?


Practice: Who has the comparative advantage in making scrambled eggs? 

Practice: Who has the comparative advantage in making fresh squeezed orange juice?