3. 24 22 20 18 16 14 12 10 8 6 4 4681012 Production frontier~ the absolute maximum that an economy can produce using all resources

4. So if it takes one hour to catch a fish and two hours to grow corn, what is the opportunity cost of Growing corn? Catching a fish?

6. 48 44 40 36 32 28 24 20 16 12 8 4 4812162024 This was the old production frontier for Robinson by himself. With Friday, Robinson can now do twice as much work and produce twice as much. Adding workers has caused his production frontier to double.

7. 48 44 40 36 32 28 24 20 16 12 8 4 4812162024 What happens to the new production frontier if…? …Friday knows a faster way to catch fish? or …Robinson and Friday invent a net that helps them catch lots of fish at once?

8. Friday is faster at catching fish? Specialization a net that helps catch lots of fish at once? Technology

9. Specialization ~ to assign workers in an economy jobs that they are especially skilled at--leads to increased production Technology ~ any device or tool built to make work easier or more efficient