August 26, 2010
Ms.McCray
*If you owned a business, what would a production possibilities curve tell you? Be specific. What are two factors that could cause your production possibilities curve to shift outward? It will tell me the combination of two commodities(goods, products) that can be produced efficiently with a society's available resources.
*If I was to own a business and I use the Production Possibilities Curve it would help me see which one of my products sells the most and which one sells the least.Two factors that could casue the curve to go outward is rational decisions and specialization.A PPC only shows the maximum production for two products using current resources. Also, your answer to the cause of PPC shifting outward is incorrect.
*What is the best way to determine whether or not we are making a rational economic decision? To set up a production possibilities curve and see what products are profitable.
*Why do companies choose to specialize and trade? What would happen if companies did not specialize? If a company did not specialize it would not be able to maximize production capabilities and would not be able to exploit is comparative advantage.
*How do you feel about your knowledge of this standard?What are two questions that you have about this standard? I feel like i understand the standard I would like to Kno more about the PPC chart and want to know more about the rational decision making.
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ReplyDeleteNick,
ReplyDeleteRemember that a PPC has NOTHING to do with how two products SELL. A PPC only shows the maximum production for two products using current resources. Also, your answer to the cause of PPC shifting outward is incorrect. Focus on the PPC examples I provided which detailed what the PPC would look like if production increased or decreased and causes of each.
Also, please be specific in your answers. I don't want you to tell me that a company would have 'major problems' if it did not specialize. I NEED you to be very specific. Ex. If a company did not specialize it would not be able to maximize production capabilities and would not be able to exploit is comparative advantage.
Finally, I want you to keep your questions focused on the standards and this standard is NOT concerned with the economist who created the PPC, it is concerned with whether or not you understand its purpose.
Re-Posts Needed for the following:
1. What would cause the PPC to shift outward
2. Specialization/trade question
3. Ask two relevant questions about this standard.
Thank you.
I re-did my blod 2
ReplyDelete