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Sunday, January 10, 2016
Production Possibilities Curve
Click on the title link to find an excellent article on the Production Possibilities Curve and Frontier. The way this weeks blog will work is that I will post a question from the article. The first person to post will answer my question, and then leave a question of their own from the article. The next person to post will answer that question then write one of their own and so on and so on. Question #1 Why do most world religions teach their adherents to have an attitude of gratefulness?
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This comment has been removed by the author.
ReplyDeleteAnswer: Because contemporary human society as a whole still has a rich resource base on which to build.
ReplyDeleteQuestion: Economists use the notion of a societal production possibilities to illustrate what?
Jackie Landoski
Pd. 2
This comment has been removed by the author.
ReplyDeleteAnswer: Concepts of scarcity.
ReplyDeleteQuestion: What does Macroeconomics centrally concerned with?
Karishma Shah, pd 2
My answer was to Jackie Landoski's question.
DeleteAnswer to Jackie: in order to illustrate concepts of scarcity, tradeoffs, choice, full employment, and efficiency.
ReplyDeleteQuestion: What do economists mean when they refer to full employment?
centrally concerned with how an overall economic environment emerges from the choices made by individuals and organizations, and to what extent choices made by governments can make this economic environment better or worse. Why can't we accomplish everything socially desirable
ReplyDeleteAnswer to Karishma
DeleteBecause of scarcity; with a finite amount of time,resources, and wealth (mostly self-inflicted) we face the trouble of achieving all our goals and desires
DeleteThis comment has been removed by the author.
ReplyDeleteLeesa: A given resource (like an hour of your time) when dedicated to one beneficial activity (like studying) will be unavailable for certain other beneficial activities (like relaxing with your friends). Choices have to be made.
ReplyDeleteQuestion: The bowed-out shape of the PPC curve comes from what?
Jackie Rosenthal is in period 4. :)
DeleteAnswer to Jackie R: from the important observation that some resources are likely to be more suited for production of one good than for the other.
ReplyDeleteQuestion: If people involuntarily stay unemployed for a significant period of time, or involuntarily work less than full-time or work at jobs that fail to make good use of their skills, what is present?
Fatima Wahid Pd. 2
DeleteThis comment has been removed by the author.
ReplyDeleteAnswer: When economists refer to full employment they mean that everyone is working as much as they desire in order to meet their needs
ReplyDeleteQuestion:What factors influence the best technique of production?
Logan Felton
Period 2
Due to significant advancements in technology -i.e. aeroponics, longer lives, ect- allowing us the ability to over-produce...is the concept of scarcity still a valid excuse?
ReplyDeleteThe world's resources are in abundance therefore we should still be grateful. Question #2: what is the PPF?
ReplyDeleteAnswer to Kaitlin: Production Possibility Frontier
ReplyDeleteQuestion: Why do economists use the notion of a societal production possibilities frontier?
Cynthia Galán, Pd 4
In reply to Leesa
ReplyDeleteWe cannot accomplish everything socially desirable due to the notion of scarcity
What do economists use to illustrate the concept of scarcity?
to illustrate concepts of scarcity, tradeoffs, choice, full employment, and efficiency.
ReplyDeleteQuestion:An efficient process is one that uses the minimum value of resources to achieve what?
In reply to Cynthia
DeletePeriod 6
This comment has been removed by the author.
ReplyDeleteAn efficient process is one that uses the minimum value of resources to achieve the desired result.
ReplyDeleteQuestion:What does technology do to PPF
In reply to Ashley
DeletePeriod 2
Answer: production possibilities frontier
ReplyDeleteQuestion: What is opportunity cost?
Answer: The loss of potential gain from a decision to prioritize one option over another.
DeleteEx: The opportunity cost of studying is hanging out with friends.
Question: What 3 socially important requirements are met with PPF?
Answer to Alex: Technology can make the process for converting resources into outputs more efficient, adding to production possibilities in the future and possible expansion of the PPF.
ReplyDeleteQuestion: What does "full employment of the labor force" actually mean?
Period 4
DeleteThis comment has been removed by the author.
ReplyDeleteAnswer to Sunny: The loss of potential gain from a decision to prioritize one option over another.
ReplyDeleteEx: The opportunity cost of studying is hanging out with friends.
Question: What 3 socially important requirements are met with PPF?
4th period
DeleteKaitlin's Question: What is the PPF?
ReplyDeleteAnswer: The PPF is the production possibility frontier. Economists use this to illustrate the ideas of scarcity, tradeoffs, choice, full employment, and efficiency.
My question: What impact does the introduction of new technologies have on production?
Christians Q Answer: new technologies improve production significantly by reducing time and labor needed to build products while boosting product efficiency and distribution. Computers and Robots in factories and facilities with programs are an example
ReplyDeleteQuestion: How does "divison of labor" help the economy or industries in general?
Period 2 - Yousuf Sirajuddin
DeleteYousuf question:division of labour generally increases both producer and individual worker productivity.
ReplyDeleteQuestion: How do you understand the meaning of Trade-off
Period 4, Jiayu Wang
DeleteJaiyu: A trade-off is what you have to give up in order to get something
ReplyDeleteQuestion: On the PPF, what does the point where the curve hits the Y axis indicate?
Amira Nickerson
4th Period
Amira: The point where the curve hits the Y axis shows what society could produce if it devoted all of its resources to producing one thing.
ReplyDeleteQuestion: What are some characteristics of an efficiently run economy?
Jonathan Ungar
Period 4
This comment has been removed by the author.
ReplyDeleteJonathan Ungar: Some of the characteristics are No involuntary unemployment or undesired idle productive capacity, Application of optimal technology and social organization,Efficient resource allocation.
DeleteQuestion:When it says "No involuntary unemployment or undesired idle productive capacity" what is the author really trying to say?
David Sander
Period 4
Jonathan: Characteristics are no involuntary unemployment or undesired idle productive capacity, application of optimal technology and social organization, and efficient resource allocation.
ReplyDeleteQuestion: On the PPF, what does the point where the curve hits the X axis indicate?
ZhiQi Jiang
2nd Period
Allen: The x axis shows that as you move out from the origin choices are constrained but becomes possible to get more out of both.
ReplyDeleteQuestion: What is efficient resource allocation?
Allen Watson
Delete6th Period
Efficient resource allocation is the distribution of resources among producers, and how such goods and services are apportioned among consumers with the consideration of economic efficiency and maximization of utility.
ReplyDeleteQuestion: why do certain productive activities lead to resource depletion or degradation, give an example and consequence.
Lovesbond Uyanwune
4th period
In response to Lovesbond:
ReplyDeleteMost productive activities are also resource maintenance so that there is still available resources for the future, but when these are not planned accordingly the more scarce a resource can be and the more the ecosystem around said resource will die out. For example, The worlds dependence on fossil fuels has depleted petroleum reserves and degraded air quality.
Question: What is the best social organization of work dependent on?
Bailee Mouton
Sixth Period
This comment has been removed by the author.
ReplyDeleteIn response to Bailee J:
ReplyDeleteThe best social organization of work depends on the value and extent of the resources that are available and how it affects the overall culture of the society. It is for the purpose of motivating work effort of the people and encouraging productive interaction among workers.
Question: How are the resources used in an efficiently run economy?
Aliya Noorani
6th Period
In response to Aliya N:
ReplyDeleteIn an efficiently run economy resources are placed in enterprises in a way that it is able to reach where it is required the most for production.
Question: What is an efficient process?
Poju Adeogba
DeletePeriod 2
Poju: An efficient process is one that uses the least value of resources to achieve what you desired.
ReplyDeleteQ: what do the best techniques for production in regards to technology and organization depend on?
Bailey Miller p.6
In response to Bailey Miller: The best technique of production in any given instance will depend on the type and quantity of the available capital resources as well the nature and extent of the available resources, as well as on the overall culture of the society.
ReplyDeleteQuestion: In figure 1, which point on the graph is the economy not working at maximum efficiency?
Kendrick Kwan
Period 6
Yun Ju Huang 4th
ReplyDeleteIn response to Kendrick k.: Point D which is not on the curve. It doesn't use the resources efficiently
Q: In the PPF the bowed-out shape of the curve comes from the important observation of what?
@ Yun Ju Huang
ReplyDeleteThe bowed- out shape of the curve comes from the important observation that some resources are likely to be more suited for production of one good than the other
Question: What is a possible faulty assumption that exists in the PPF regarding resources?
Raymond Loh 6th Period
DeleteIn response to Raymond Loh: To me it looks like the faculty assumption is that one resource is dependent on another.
ReplyDeleteQuestion: What is an opportunity cost?Provide an example.
Rifa Shah
Period 4th
Answer: an opportunity cost is what must be given up to obtain something else. One example of opportunity cost is attending college, you gain the degree and knowledge but spend a substantial amount of money to attend college.
ReplyDeleteQuestion: what's the difference between efficiency and equality?
Aaron Hudson
Period 6
In response to Rifa
ReplyDeleteAnswer to Aaron: Efficiency is more concerned with the optimal production of a product while equality is more concerned about the equal distribution of said product in society.
ReplyDeleteQuestion: What do points inside the PPF illustrate?
Alex Nguyen
DeletePeriod 6
This comment has been removed by the author.
ReplyDeleteResponse to Alex N's question: The possible, but inefficient units able to be produced by a economy.
ReplyDeleteQuestion: What is the difference between micro and macro economics?
Derrick S.
Period 2
Response to Derrick S.: Macroeconomics is dealing with the behavior of the economy as a whole, like on a national level. Whereas Microeconomics deals with a person or company and how they use the limited resource they have
ReplyDeleteQuestion: How would the employment rates affect the PPF graph?
Shogan T.
Period 6
This comment has been removed by the author.
ReplyDeleteAnswer to Shogan Tom: it depends on the type of economy you are referring to. The United States economy is consumer based whereas Japan is a producer.
ReplyDeleteQuestion: How much effect does time have on PPF graphs?
Thanh Vo
ReplyDeletePeriod 6
Answer to Jewel: Time has a significant effect on PPF as it determines the sustainability of the productions of both products. In the future, new technological innovations may improve production of specific goods. However, a negative effect can result from focusing too much on consumer goods which will tarnish future economic prosperity.
Question: What effect does technology have on the PPF graph?
This comment has been removed by the author.
ReplyDeleteAnswer to Thanh- The PPF may get bigger over time by shifting out and to the right and making previously unobtainable points obtainable through new technologies and innovations.
ReplyDeleteQuestion- What point in Figure 1 represents a production combination that is not attainable, given existing resources, and why is that product combination unattainable?
Ana Salim 4th period
Answer to Ana: point D because it is not within the curve and that is called "unemployed resources"
ReplyDeleteQuestion: In figure 2, which point is considered impossible? Why?
it is considered unattainable because you would waste time and material to make little products even though the curve shows that you can make more.
DeleteBritney Stephen
DeletePeriod 4
Answer to Britney: Point C because it is truly unattainable and impossible, given existing and limited resources. Producing as much as Point C would take more resources than society has to offer.
ReplyDeleteQuestion: In figure 2, which point will have more growth in the future? Why?
Lucky Marchelino
4th Period
There isn't a point that will just "have more growth in the future." Different circumstances will cause different points (and the line itself) to shift.
ReplyDeleteQuestion: Look at figure 2. What point would suggest a lesser need for maintanance then production. Explain
Nicholas Tong
6th period
ANSWER TO NICHOLAS: Point A would suggest a lesser need for maintenance than production because this point has a low value for maintenance and a higher value for production.
ReplyDeleteQUESTION: Do sustainable production activities, such as some agricultural and forestry processes add to the resource base, deplete it, or neither?
Sarah Sam
6th period
ANSWER TO SARAH: it's neither because although it doesn't add to the base, it doesn't deplete it either to the point where it isn't a major factor affecting the resource base.
ReplyDeleteQuestion: Identify and explain the cause of new and faster production of goods and services.
Answer to Nofil: higher demand for products which keeps increasing
ReplyDeleteQuestion: In figure 3 what does point D represent?
Temi O
6th
Answer to Temi: Point D represents a case in which society is producing less than the full amount that it could, given the particular set of resources. The point is usually associated with unemployment and inefficiency.
ReplyDeleteQuestion: How does opportunity cost come in place with the PPF graph?
Karina Guerrero
4th period
Veronica Wang
ReplyDeletePeriod 4
Karina G: Opportunity cost factors into the graphs when one good is being gained while the other good is being lost.
What do points outside of the curve represent?
Sophia Lian
ReplyDeletePerios 2
Veronica Wang: Points outside the curve represent what is unobtainable with the amount of resource and maintenance at the time.
Question: What determines the best technique of production?
Andrew Auyeung
ReplyDeleteperiod 2
Sophia Lian: The best technique of production depends on the type and quantity of available capital resources, which may differ between wealthy and developing countries.
Question: What are some productive activities that can lead to resource depletion?
Chelsea Godfrey
ReplyDeletePeriod 2
Answer to Andrew Auyeung: The intensive use of fossil fuels deplete petroleum reserves, pollutes the air, and contributes to global change. Other production activities destroy important habitats and the wildlife surrounding it.
Question: Look at figure 3,What is the difference between point A and point B?
Kyle Newby
ReplyDeletePeriod 4
Chelsea Godfrey: Point A uses more resource depleting production techniques compared to point B. Point A is more representative of a developing country whereas point B is more for developed countries.
Question: What could be a consequence of point A?
Kyle: this would lead to depletion of the resource being used.
ReplyDeleteWhat is one way to shift the pff curve outward
Samantha: The introduction of new technology.
ReplyDeleteWhat is happening when only one of the axes of the PPF curve increases?
Mahnoor Malik
ReplyDeletePeriod 2
Ayoub: When only one axis shifts, there is a change in technology spurring the shift and the opportunity cost of the two outputs is also changed. For instance, if the x-axis shifts right and the y-axis remains the same, the opportunity cost of producing the same amount of the y-axis input, in this case, guns, would be increased to the new production of the x-axis, butter.
Question: Is there an optimal point on the curve or does it depend on the society?
Aleena Mathew
ReplyDeletePeriod 6
Mahnoor: It depends on society because we make up the factors that contribute to the curve.
Question: Why is the belief that advances in technology will push the PPF out dangerous to believe?
Sean Moss
ReplyDeletePeriod 2
Aleena Mathew: Why is the belief that advances in technology will push the PPF out dangerous to believe?
With the increase in technology, there could be a potential decrease in jobs, which in turn will hurt the consumers who buy the goods, therefore hurting the economy.
Question: How would new technologies that take away the need for workers affect the growth of the economy?
Neha Shah
ReplyDeletePeriod 6
Sean: For example in the year 1900, 41% of the work force was employed in agriculture, however today the number has become 1%. We are now producing agricultural goods on a much larger scale than before. People are employed more in the secondary and tertiary sector, which is highly beneficial for our economy.
Question: What does every point on the production possibility frontier represent?
Production at maximum efficiency
DeleteWhat does involuntary idle unemployment suggest about an economy?
Gratefulness helps keep a posotove attutude throughout society, which will help create a since of confidence in the workforce
ReplyDeleteCollier: Idle unemployment shows inefficiency, as the PPF graph is far within it's limits
Lameese Taha
ReplyDeletePeriod 6
In response to Collier: It means that the society's resources also remain idle as there are no jobs being offered to the unemployed. The amount of resources and the rate of unemployment are directly related.
Is it possible to produce more of one good without decreasing the amount produced for the other good?
Aleena Mathew : It is dangerous to believe that advances in technology will always push the PPF out more than resource depletion will pull it in because it is a mere assertion of belief. If that belief turns out to be false, it could have long-lasting, irreversible consequences.
ReplyDeleteIs it better to have resource-depleting production or resource-maintenance production?
Daniel Oviedo
ReplyDeleteperiod 4
yes it is possible to to produce more of one good without decreasing the other, you can have an overall increase in both for example, if more people are employed production can increase in both capital goods and consumer goods.
Why are PPF graphs useful to study?
Mitch Kuy pd 2
DeleteThey are useful because they allow us to have a visual representation of the production capabilities of a country as well as a visual to see ratios of opportunity costs
Q: do PPF graphs change over time? If so, why?
Ashlin J.-2
ReplyDeleteIt compares the trade offs among two products made by one economy for showing how useful are the products.
What is the difference between a straight line PPF and a curved PPF?
Answer: A straight line means the opportunity cost is changing at a constant rate. In a curved PPF, this is not the case.
ReplyDeleteWhat precise combination of outputs (on PPF) should society choose to produce?
Prakul Suresh, Per. 6
Answer: A society should choose a combination of outputs on PPF that would benefit them the greatest and have the smallest opportunity cost.
ReplyDeleteWhat is one cause that would shift the PPF line to the left?
Isabelle Tzeng; 6th
Answer: unemployment
ReplyDeleteQuestion: can a chart that shows inefficiency have an absolute advantage over another chart that has an unattainable efficiency?
Gavin Levy 6th