Explain the function of the goods and services market and the
factors of production market in the Circular Flow Model. Explain
both real and money flows and the role of prices in both the
product and factor markets.
Using an example, explain why the production possibilities
frontier is bowed outward.
Use the production possibilities frontier to explain fully
economic growth, efficiency, and inefficiency.
Suppose that China can use cheaper labour to produce every
product more cheaply than Canada. Explain why...