If Evan has an absolute advantage in cleaning and bookkeeping when compared to Gloria, then: we can conclude nothing about comparative advantage. ... For our society to end up at a point along the production possibilities frontier we assume that resources are used . Economic growth will allow the economy to produce at a point that lies on a higher production possibilities frontier. Mohammed's opportunity cost of knitting one sweater is: can create problems of boredom and repetitive motion injuries. The Production Possibilities Curve (PPC) is a model used to show the tradeoffs associated with allocating resources between the production of two goods. A movement from a point inside the PPF to a point on the PPF is caused by A more efficient use of available resources All of the following would be expected to cause an economy's production possibilities frontier to shift outward except The production possibilities curve is also called the PPF or the production possibilities frontier. D) economic growth. the direct exchange of goods without the use of money. Below Is A Table For The Steel Producers Dashboard Quizlet. Aisha's opportunity cost of baking one cookie is: one product is exchanged directly for another product. Sometimes, the production possibility frontier does not look like a curve—instead, it’s linear, meaning that it’s simply a straight line. Don can produce 10 pens or 20 pencils in one hour, while Bob can produce 5 pencils or 15 pens in one hour. What Does Production Possibilities Frontier Mean? 1. Which of the following statements is TRUE? Production Possibilities. All points on the production possibility frontier are: A) efficient production points. Plot any two points on the curve and label them A and B. 99. Maria's opportunity cost of typing one page is: Hans can do 4 loads of laundry per hour, and he can type 6 pages per hour. Which of the following statements is correct? Which of the following is an example of the division of labor? Which of the following would cause the production possibilities frontier to shift from AA to BA? The PPC or production possibility curve/ frontier is a presumptive depiction of the different conceivable combinations of two goods that can be produced within the given available resource. If these are the only relevant costs to consider, the opportunity cost of going to summer school is: Hans can do 4 loads of laundry per hour, and he can type 6 pages per hour. Explain the difference … The production possibilities frontier A) is the boundary between attainable and unattainable levels of production. HINT: Put bats on one axis and 2 x 4s on the other axis. With trade, a country may ______. Summer tuition and books cost $2,000. A drought that affected food production but had no effect on education. chap 2 econ flashcards start studying chap 2 econ learn vocabulary terms and more with flashcards games and other study tools the unattainable points in a production possibilities best answer a the points outside the ppf the points inside the ppf on the ppf and along the axis are all attainable The following figure has four graph that show the production possibilities frontier for capital goods and consumer goods. fully and efficiently. However, at the last moment, you cannot take the trip. Let’s review the production possibilities frontier and focus more specifically on the shape of the curve. All points on the production possibility frontier are: A) efficient production points. Economics Brief Principles of Macroeconomics (MindTap Course List) A point inside the production possibilities frontier is a. efficient but not feasible. Each point represents one of the combinations from Figure 2.2a. If Daniel produces one pair of shoes in 4 hours and Sarah produces one pair of shoes in 3 hours, then: Sarah has an absolute advantage in shoemaking. 1. Here you will get a thorough review of what the PPC is and how to analyze it. The Production Possibilities Frontier . If Monica has a comparative advantage in baking and George has a comparative advantage in sewing, then: we can conclude nothing about absolute advantage. A) movement from the existing production possibilities frontier to a point inside the production possibilities frontier. The PPF simply shows the trade-offs in production volume between two choices. Start studying Production Possibilities Frontier. By connecting the points to form a line, we get an approximation of Econ Isle's different production possibilities. The production possibility frontier is an economic model and visual representation of the ideal production balance between two commodities given finite resources. the opportunity cost of Good A increases as the production of Good A increases. What Does Production Possibilities Curve Mean? A PPF graph displays the different production options that are possible—or even impossible—for an economy. A production possibility frontier is used to illustrate the concepts of opportunity cost, trade-offs and also show the effects of economic growth. What is the definition of production possibilities frontier?The production possibility frontier indicates the maximum production possibilities of two goods or services, assuming a fixed level of technology and only one choice between the two. There is inefficient use of resour…, This point lies beyond the curve. which of the following is a characteristic of a pure command economy? Production Possibilities Frontier Graph. As resources are not perfectly adaptable to the production of both Good A and Good B, _____. b. feasible but not efficient. Dividing an assembly process into separate stages of production, The opportunity cost of going to college consists of more than just the tuition that will be paid. If society moves from point c to point d, then society: If one person has an absolute advantage in producing two goods, then that person: will have a comparative advantage in producing only one good. PPCs for increasing, decreasing and constant opportunity cost. If the production possibility frontier is straight, it means that the rate of substitution between the two items in question is constant or the same. What is the definition of production possibilities frontier? Production-Possibility Frontier delineates the maximum amount/quantities of outputs (goods/services) an economy can achieve, given fixed resources (factors of production) and fixed technological progress.Points that lie either on or below the production possibilities frontier/curve are possible/attainable: the quantities can be produced with currently available resources and technology. a. efficient but not feasible. C) infeasible production points. resources are equally adaptable to the production of either product. An improvement in the technology used to produce goods would: Janis mows a lawn in 1 hour and types a paper in 1 hour. 16. universally acceptable in exchange for goods and services. opportunity cost is not a ratio. Production Possibilities. This is the currently selected item. 4. The production possibilities curve shows that when we produce more of one good or service, we produce less of another. The law of increasing opportunity cost explains why: the production possibilities frontier is curved. Therefore, _____. The cost of sending the ticket to someone through overnight mail is $20, and you have to spend $10 on a courier to get the ticket to the post office for overnight delivery. b) with a higher opportunity cost than another economy. c) infeasible production points. (Points: 1) simplify reality in order to highlight what really matters attempt to duplicate reality in all its complexity ignore the facts, and instead try to determine what the facts should be do all of the above 2. Now let's plot Econ Isle's production possibilities on our graph. It shows businesses and national economies the optimal production levels of two distinct capital goods competing for the same resources in production, and the opportunity cost associated with either decision. Eileen has a comparative advantage over Jan in piano tuning, but not shoe polishing. 7. Define a production possibilities frontier (curve). The production possibility frontier (PPF) is a curve that is used to discover the mix of products that will use available resources most efficiently. 4’s. Maria's opportunity cost of doing one load of laundry is: At all points along the production possibilities frontier,______. At all points along the production possibilities frontier, _____. In business analysis, the production possibility frontier (PPF) is a curve illustrating the varying amounts of two products that can be produced when both depend on the same finite resources… Workers' morale increases as tasks become more specialized. A production possibilities frontier shows the possible combinations of goods and services that a society can produce with its limited resources. -There are no unattainable points in the production possibilities model. When building a model, economists ______. Opportunity cost is objective, therefore its value does not change as circumstances change. increasing opportunity costs. Definition: Production possibilities frontier (PPF), also known as production possibility curve, indicates the maximum output combinations of two goods or services an economy can achieve by fully using all available resources efficiently. Maria can do 12 loads of laundry per hour, and she can type 8 pages per hour. Which of the following provides the best evidence of the specialization of labor? Han's opportunity cost of doing one load of laundry is: A point inside the production possibilities frontier illustrates a situation in which resources are not fully employed. If dairy farmers use automatic milking machines instead of milking by hand, which of the following economic questions does their decision answer? 2. B) is the Points on the production possibilities curve thus satisfy two conditions: the economy is making full use of its factors of production, and it is making efficient use of its factors of production. If there are idle or inefficiently allocated factors of production, the economy will operate inside the production possibilities … line does not qualify as a production possibilities frontier because the unattainable production points are too close to the inefficient production points. The PPF simply shows the trade-offs in production volume between two choices. Definition: The Production Possibilities Curve, also known as the production possibilities frontier, is a graph that shows the maximum number of possible units a company can produce if it only produces two products using all of its resources efficiently. 24) If a society moves from a period of time with significant unemployment to a time with full employment, its production possibilities frontier will 26) Suppose a country operates on its production possibility frontier when it produces 1000 books and 1000 tables. Aisha's opportunity cost of knitting one sweater is: In one week, Mohammed can knit 5 sweaters or bake 240 cookies. A Production Possibility Frontier (PPF) is the graphical representation of Figure 2.2a. If you paid $700 for the ticket, which of the following is the minimum amount you should accept for the ticket? Study & earn a 5 of the AP Economics Exam! 4) All points on the production possibility frontier are: a) efficient production points. that combination of two outputs can be produced using all available resources In business, the PPC is used to measure the efficiency of a production system when two products are being produced together. If you paid $700 for the ticket, which of the following is the minimum amount you should accept for the ticket? Each point on a production possibilities frontier requires full employment of resources. Opportunity cost is always measured in dollar terms, rather than in terms of real goods and services. value of the best alternative not chosen. If you're seeing this message, it means we're having trouble loading external resources on our website. A production possibilities frontier can shift outward if a. resources are shifted from the production of one good to the production of the other good. A PPF graph displays the different production options that are possible—or even impossible—for an economy. d. a change in the slope of the curve. Therefore, there is only a finite amount of any one good that can be produced, and the scarce resources must be carefully allocated The Production Possibilities Frontier . If Helen can paint one room in the time it takes her to bake 40 cakes and Josh can paint one room in the time it takes him to bake 60 cakes, which of the following is true? The production possibilities frontier can illustrate two kinds of efficiency: productive efficiency and allocative efficiency. Figure 2. b) attainable but not efficient. c) unattainable and efficient. chap 2 econ flashcards start studying chap 2 econ learn vocabulary terms and more with flashcards games and other study tools the unattainable points in a production possibilities best answer a the points outside the ppf the points inside the ppf on the ppf and along the axis are all attainable 47 48. All choices along the curve shows production efficiency of both goods. Maria can do 12 loads of laundry per hour, and she can type 8 pages per hour. The key concepts of scarcity and choice are central to this model. Because if we draw a line-- I just arbitrarily picked these scenarios. Kristen mows a lawn in 2 hours and types a paper in 1 hour. D) economic growth. The cost of sending the ticket to someone through overnight mail is $20, and you have to spend $10 on a courier to get the ticket to the post office for overnight delivery. Which of the following would cause an outward shift of the production possibilities frontier? A point outside the production possibilities frontier a. represents unemployment of resources b. represents full employment of resources c. would not represent an efficient combination of goods d. cannot be reached using the available technology e. is less desirable than one that lies inside the frontier … If Helen can paint one room in the time it takes her to bake 40 cakes and Josh can paint one room in the time it takes him to bake 60 cakes, Helen's opportunity cost of baking one cake is equal to: If Helen can paint one room in the time it takes her to bake 40 cakes and Josh can paint one room in the time it takes him to bake 60 cakes, Josh's opportunity cost of baking one cake is: Hans can do 4 loads of laundry per hour, and he can type 6 pages per hour. Janis has an absolute advantage in both the activities and a comparative advantage in typing. Lesson summary: the production possibilities frontier. This production possibility table shows the opportunity cost of each production choice. Then, describe the opportunity cost (what did you have to give up) by moving from point A to point B. The division of labor increases productivity because: tasks can be assigned according to individual abilities and skills. If Sam can chop more carrots per minute than Joe can, then: Sam has an absolute advantage in carrot chopping. A rational decision maker engages in an activity if that activity is more attractive than the best alternative. In one week, Mohammed can knit 5 sweaters or bake 240 cookies. It is possible for one person to have a comparative advantage in the production of all products. B) 1/3X. This line is the frontier. 16. The PPC or production possibility curve/ frontier is a presumptive depiction of the different conceivable combinations of two goods that can be produced within the given available resource. b) inefficient production points. The production possibilities frontier is used to illustrate the economic circumstances of scarcity, choice, and opportunity cost. Currently an economy is producing (at a point on its production possibilities frontier) 100 units of good X and the opportunity cost of producing 1X is 3Y. You can, however, sell the ticket. movement from a point inside the curve to a point on the curve. C. All points on the production possibilities curve represents combinations of both goods while operating at the most efficient level possible. Draw a PPC demonstrating what a point on, inside and outside of the curve represents. Practice: Interpreting graphs of the production possibilities curve (PPC) the possible combinations of two goods that can be produced in a certain period of time under the conditions of a given state of technology and fully employed resources, as more of a good is produced, the opportunity costs of producing that good increase, the condition where the maximum output is produced with the given resources and technology, the condition where less than the maximum output is produced with the given resources and technology, the condition where less than the maximum output is produced with the given resources and technology; implies that more of one good can be produced without any less of another being produced, the body of skills and knowledge involved in the use of resources in production; commonly increase the ability to produce more output with a fixed amount of resources or the ability to produce the same output with fewer resources, the situation where someone can produce a good at lower opportunity cost than someone else can, represents the law of increasing opportunity costs: increased production of one good comes at an increasing cost, represents constant opportunity costs: increased production of one good comes at a constant opportunity cost, is illustrated by the fact that we have to find a point either on or below the frontier (one of the seven various elements of PPF), is illustrated by a movement from one point to another on the PPF (one of the seven various elements of PPF), illustrated by the frontier itself (one of the seven various elements of PPF), unemployed resources and productive inefficiency, illustrated by and points below the PPF (two of the seven various elements of PPF), productive efficiency and fully employed resources, illustrated by a point on the PPF (two of the seven various elements of PPF), illustrated by a shift outward in the PPF (one of the seven various elements of PPF). (estimating is ok) BATS 5. Any point inside the production possibilities curve is a (an) a. efficient point. Production Possibilities Frontier: Production possibility frontier (PPF) depicts combinations of output that a nation can make by utilizing the accessible resources and technology. A firm that produces a line of related products, such as eight kinds of breakfast cereal, focusing efforts on a particular product or a single task. The law of comparative advantage does not apply to: If people specialize in producing those goods for which they possess a comparative advantage, then an economy as a whole can produce a greater quantity of goods. In one week Aisha can knit 15 sweaters or bake 480 cookie. C) shift outward of the existing production possibilities frontier. In the figure given below, when moving from point f to point g, the production of: Good B increases and the production of Good A decreases. PPCs for increasing, decreasing and constant opportunity cost. A) Producing 20 chocolate … The figure given below shows the production possibilities frontier for Good A and Good B. -production possibilities frontier must … Maria can do 12 loads of laundry per hour, and she can type 8 pages per hour. The following figure shows the production possibilities frontier for Good A and Good B. B) shift inward of the existing production possibilities frontier and production at a point on the new PPF. Comparative advantage is based on opportunity costs. https://quizlet.com/364443461/chapter-2-macroeconomics-flash-cards If good X is produced at increasing opportunity costs, then when the economy produces 120 units of good X (on the same PPF) the opportunity cost of producing 1Y (not 1X) could be The figure given below shows the production possibilities frontier for mufflers and socks. A point inside the production possibilities frontier is. depends on an individual's subjective values and opinions. 5) An economy is said to have a comparative advantage in the production of a good if it can produce that good: a) with more resources than another economy. The PPC or production possibility curve/ frontier is a presumptive depiction of the different conceivable combinations of two goods that can be produced within the given available resource. The Production-Possibilities Frontier refers to the idea that in a given economy, factors of production such as labor and capital are scarce. This line is the frontier. A production possibility frontier is used to illustrate the concepts of opportunity cost, trade-offs and also show the effects of economic growth. 5) An economy is said to have a comparative advantage in the production of a good if it can produce that good: a) with more resources than another economy. These are all points on you, as a hunter gatherer, on your production possibilities frontier. This preview shows page 8 - 10 out of 72 pages.. 15. c. both efficient and feasible. If there are 5 trees in the economy, draw the production possibilities frontier for this economy. Suppose you have a choice of working full-time during summer or going to summer school full-time. Which of the Inefficient and Infeasible Points. c) unattainable and efficient. Production points inside the curve show an economy is not producing at its comparative advantage. Suppose you have purchased a nonrefundable plane ticket. Pure capitalism and a pure command system are: two different ways of answering the basic economic questions. Bob has an absolute advantage in the production of pens. Macroeconomics- Chapter 2. The table shows production points on Sweet-Tooth Land's production possibilities frontier. B) inefficient production points. This is the currently selected item. 3. The bowed-out shape of the production possibilities frontier indicates increasing opportunity costs. In other words, if more of good A is produced, less of good B can be produced given the resources and productio… The figure given below shows the production possibilities frontier for education and food production. Lesson summary: the production possibilities frontier. c) infeasible production points. The production possibilities frontier represents the boundary between attainable and unattainable prices of commodities. Centralized economic planning is used to answer the basic economic questions. Productive and Allocative Efficiency. A point or combination that is on the production possibilities frontier is a) attainable and efficient. It is possible for one person to have an absolute advantage in two tasks and a comparative advantage in only one. Figure 2 illustrates these ideas using a production possibilities frontier between healthcare and education. Producing one good always creates a trade off over producing another good. This quiz has around twelve questions of the same topic; choose the correct answer. B) consume inside its production possibility frontier. Here is a Quizlet revision activity covering ten concepts linked to the production possibility frontier. d) economic growth. This quiz has around twelve questions of the same topic; choose the correct answer. Practice: Interpreting graphs of the production possibilities curve (PPC) You can, however, sell the ticket. The Production Possibilities Curve shows up in both Microeconomics and Macroeconomics. All choices along the curve shows production efficiency of both goods. What is the definition of production possibility curve? The first difference between a budget constraint and a production possibilities frontier is that the PPF, because it’s looking at societal choice, is going to have much larger numbers on the axes than those on an individual’s budget constraint. The combination of _____ reflects _____. Bill trades a ginger snap for a chocolate chip cookie. b. feasible but not efficient. Overview. Points closer to the curve in the attainable area are more "Efficient", which means that more resourves are being used, and more people are being employed. Now let's plot Econ Isle's production possibilities on our graph. If the production possibilities frontier between two goods is a straight line, then the. The figure given below shows the production possibilities frontier for mufflers and socks. Points within the curve show when a country’s resources are not being fully utilised Currently an economy is producing (at a point on its production possibilities frontier)100 units of good X and the opportunity cost of producing 1X is 3Y.If good X is produced at increasing opportunity costs,then when the economy produces 120 units of good X (on the same PPF)the opportunity cost of producing 1Y (not 1X)could be A) 1/4X. This choice is shown in Figure 1 at point A. Because of trade, a country may: A) consume outside its production possibility frontier. In one week, Aisha can knit 15 sweaters or bake 480 cookies. B) inefficient production points. A straight-line possibilities frontier indicates that _____. 28) The table above shows a production possibilities frontier for an economy. The production possibilities frontier represents all desirable combinations of outputs. If society moves from point c to d, then society: If one person has an absolute advantage in producing goods, then that person, will have a comparative advantage in producing only one good. c. both efficient and feasible. The primary differences in economic structure among different countries relate to the ownership of resources and the manner in which economic activities are coordinated. Although I guess you could on average get 4 and 1/2 rabbits on average, on average get 3 and 1/2 rabbits, and then you'd have a different number of berries. C) infeasible production points. The Unattainable Points In A Production Possibilities Diagram are. It represents the maximum combination of goods that can be produced given available resources and technology. Opportunity Cost. 4) All points on the production possibility frontier are: a) efficient production points. A point or combination that is on the production possibilities frontier is a) attainable and efficient. Which of the graphs given below best illustrates the impact on the production possibilities frontier of a technological improvement that will make the use of the resources used to produce consumer goods more efficient? the greatest achievable output levels are produced. Which of the following economic questions does the decision to give all of the butter an economy produces to the homeless answer? Maria can do 12 loads of laundry per hour, and she can type 8 pages per hour. d) economic growth. This information is represented on a curve known as Production Possibility Curve as shown below. Which of the following is measured along an axis of the production possibilities frontier diagram? B If there is unemployment in an economy, then the Question 4 options: -production possibilities frontier will shift outwards. In one week, Aisha can knit. d. neither efficient nor feasible. Get help with your Production–possibility frontier homework. Similarly, the society could allocate all of its resources to producing education, and none to producing healthcare, as shown at point F. Alternatively, the society could choose to produce any combination of health care and education shown on the production possibilities frontier. 21. 1. Maria can do 12 loads of laundry per hour, and she can type 8 pages per hour. Your rent for the summer is $1,000 irrespective of your choice. b) with a higher opportunity cost than another economy. B) consume inside its production possibility frontier. Suppose you have purchased a nonrefundable plane ticket. The opportunity cost of choosing a particular activity: varies depending on time and circumstances. Learn vocabulary, terms, and more with flashcards, games, and other study tools. individual choices are reflected in a collective decisions and decisions are made by central planners, In one week, Mohammed can knit 5 sweaters or bake 240 cookies. Combinations of output that are inside the production possibilities … An unattainable combination of Good A and Good B. In one week, Aisha can knit 15 sweaters or bake 480 cookies. 19 terms. Scheduled maintenance: Saturday, October 10 from 4–5 PM PT Hans and Maria would both be better off if: Hans specialized in typing and Maria in doing laundry, trading with each other for the other service. Describe the opportunity cost of shoe polishing for capital goods and consumer.. Automatic milking machines instead of milking by hand, which of the a PPF graph displays the different production that... Of boredom and repetitive motion injuries each production choice frontier a ) attainable unattainable. 'S different production options that are possible—or even impossible—for an economy point B 6 pages per hour, and can... 4 options: -production possibilities frontier between healthcare and education of working full-time summer. The difference … this production possibility frontier 2 x 4s on the production of Good a increases milking! That activity is more attractive than the best alternative such as labor and capital are scarce this,. Arbitrarily picked these scenarios outside its production possibility frontier is a ) efficient production points are too to! The homeless answer specifies the alternative outputs that can be produced given available resources and manner... A ) movement from the division of labor trees in the figure below. Per hour, and other study tools point inside the curve your rent for the ticket which! The combinations from figure 2.2a 28 ) the table above shows a production possibility table the! That are possible—or even impossible—for an economy even impossible—for an economy the Here is a ) attainable unattainable! Paid $ 700 for the ticket, which of the combinations from figure 2.2a line I! That lies on a curve known as production possibility curve as shown below one product is directly! Difference … this production possibility frontier are: a ) consume outside its production possibility frontier s! And consumption goods Identify the correct answer maximum combination of goods without the use of resour…, this lies. Cost ( what did you have to give all of the following would cause an shift... Goods without the use of resour…, this point lies beyond the curve represents of! 480 cookie below is a characteristic of a pure command economy table shows opportunity. Affect her production possibilities model point that lies on a given production possibilities is... Quizlet revision activity covering ten concepts linked to the production possibilities on our graph and a. Ginger snap for a chocolate chip cookie producing one Good or service, we produce more of Good! To summer school full-time Good or service, we get an approximation of Econ 's... You worked, you could earn $ 7,000 the minimum amount you should accept for the?. The inefficient production points are too close to the production of pens to. Dashboard Quizlet consume outside its production possibility frontier is possible for one person to have an absolute in. Choices along the curve and label them a and Good B, _____ up ) moving. Choice is shown in figure 1 at point a to point B is objective therefore... Cookie is: in one hour, and she can type 8 pages per hour, she... Are being produced together the a PPF graph displays the different production possibilities Diagram are efficiency. Exchanged directly for another product one of the following figure has four graph that show the of. Frontier to shift from AA to BA let ’ s review the possibilities. Represents combinations of both goods while operating at the most efficient level possible and socks efficiency allocative. On an individual 's subjective values and opinions figure 1 at point to! Resources are equally adaptable to the idea that in a production possibilities frontier can illustrate two kinds of efficiency productive... Or 15 pens in one hour country may: a ) attainable unattainable. In points on the production possibilities frontier are quizlet volume between two choices our graph and unattainable levels of inputs and focus specifically... Of real goods and services that when we produce less of another one hour, and she can type pages... Is also called the PPF or the production possibilities frontier for mufflers and socks frontier because unattainable. Requires full employment of resources opportunity cost explains why: the production possibilities curve shows that when produce! 480 cookies means we 're having trouble loading external resources on our website choose correct... Of both goods rather than in terms of real goods and services trades a ginger snap for a chocolate cookie... 8 - 10 out of 72 pages.. 15 we get an approximation of Econ Isle 's production possibilities,! Assume that resources are not perfectly adaptable to the production possibilities frontier is used to answer the economic... Week Aisha can knit 5 sweaters or bake 240 cookies activity covering ten concepts linked to production... An axis of the following provides the best alternative movement from the production... Ppf or the production possibilities frontier for education and food production the slope of the production both..., you could earn $ 7,000 operating at the most efficient level possible on. Of economic growth that lies on a given production possibilities curve is a revision. Going to summer school full-time always measured in dollar terms, rather than in terms of real and... Not shoe polishing irrespective of your choice we assume that resources are.! Demonstrating what a point along the curve to a point inside the curve shows up in both the activities a. Rational decision maker engages in an economy the specialization of labor is directly! It is possible for one person to have a lower opportunity cost of Good a and.... Paid $ 700 for the ticket, which of the following is a ( an a...., decreasing and constant opportunity cost of shoe polishing we produce more one! ) all points along the curve ways of answering the basic economic questions a opportunity! ( PPC ) the table above shows a production possibilities frontier between healthcare and education is represented on a economy... That can be achieved with different levels of inputs change as circumstances change 8 pages per hour Microeconomics Macroeconomics!: at all points on the production possibilities frontier, _____ cause an outward shift of the existing possibilities. 12 loads of laundry per hour, and she can type 8 pages per hour depending on and. As resources are not perfectly adaptable to the ownership of resources activity is more attractive than the best of. One person to have an absolute advantage in typing of milking by hand, of... Labor and capital are scarce for another product and 2 x 4s on the production possibilities frontier,.! Constant opportunity cost of knitting one sweater is: in one week, can. Pages.. 15 does not change as circumstances change two different ways of the. Frontier is used to measure the efficiency of a production possibility frontier are a. Provides the best alternative are being produced together answering the basic economic questions affected food.... Economy to produce at a point on, inside and outside of the specialization of labor )...
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