Chapter 2: Thinking Like an Economist

The scientific method 0:14 Models 2:21 The circular flow diagram 4:27 The production possibilities frontier 10:06 Using the PPF to see the opportunity cost 14:01 Increasing cost PPF vs constant cost PPF 19:00 Shifts in the PPF 20:20 Positive economic statements vs normative economic statements 20:28 Dr. Azevedo Department of Economics University of Central Missouri