What does the production possibility curve illustrate? What will shift the production possibilities curve outward? What causes an outward shift of the production possibility frontier (PPF)? What is the purpose of a Production Possibilities Graph?
maximizing output in this sector. Conversely, if it produces 100 units of butter, resources are allocated solely to butter production. These points on the PPF illustrate the efficient use of resources dedicated entirely to either guns or butter. ...
(Go through the steps in the process). What role do prices play in this process? How does the production possibility curve illustrate the concepts of scarcity, choice, and opportunity cost? Explain your answer with the aid of a diagram. Analyze the role of govern...
How does the PPF highlight the concepts of scarcity, choice, and opportunity cost? In economics, what are considered shortages and surpluses? What are some characteristics of each? Economics is concerned with the trade-offs that emerge becaus...
What is the relevance of productive and allocative efficiency to the growth process? What is a "missing market" and how does it relate to inefficiency? What is the relationship between productive efficiency and Opportunity cost? What is the definition of Production possibility frontier (PPF)?
How does having effective performance methodologies allow a firm to adequately measure economic performance? Use the theory of labor supply to discuss what sort of policies firms could implement to reduce the extent to which women specialize in ho...
Discuss how the production possibility frontier (PPF) can be used to illustrate economic growth. Explain the main factors that contribute to economic growth and apply this concept of the PPF to a country of your choice. How does microeconomics differ from Macroeconomics in topic...
Production possibility curve (PPC) is a curve which shows all the possible combinations of two goods that can be produced in the economy with a given amount of technology and resources. A PPC indicates the opportunity cost and al...
How does increasing the unemployment benefit increase aggregate demand? Transfer Payments Transfer payments are made by the government from tax revenues to needy people in the society. Examples of transfer payments include welfare programs such as food stamps, unemployment compensation, and Social Securit...
How does international trade affect economic well-being? 1. How can economies of scale affect world trade patterns? 2. How is it that time and again innovators eventually lose out to imitators so that? Specialization and trade can move us beyond our PPF. Describe how a comparative advant...