Title: Module 2 Introduction: (CU1 M2)
Course: SkillsCom EC 202 15.0 > Section: Credit Unit 1 Module 2 - Trade-offs, Comparative Advantage, & the Market System

The main topics in this Module are production possibilities frontiers, comparative advantage and trade, and the market system. Moreover, the production possibilities frontier is related to the idea of increasing marginal opportunity costs. The comparative advantage is related to the concepts of specialization in production and gains from trade.

Module Outcomes:

- Draw a production possibilities frontier and explain its shape.
- Distinguish comparative advantage from absolute advantage.
- Describe the circular flow of income.
- Define a market.