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Please describe how scarcity, opportunity cost, and production possibility curves are related to each other and apply to the U.S. economy. Needs to be at least 150 words long.

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Insha Fatima
Insha FatimaLv10
28 Sep 2019
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Related questions

Please only anwer the Following question:

Question :focus in on one of the main concepts covered (e.g., scarcity, ceterus pariubus, association vs. causation, opportunity cost, marginal analysis, etc.), define it in your own words, and provide an example. Discuss why you think this is an important aspect in the study of economics.

Answer:

Scarcity is a situation where the availability of resources at our disposal is less then the needs of society.since human wants are unlimited and resources are limited therefore it gives rise to a problem of choice.

Example the oil resources are scarce in relation to Wants .

This is important in decision analysis of any economic problem as without it we are unable to judge which good to produce and sell in market.

Following question:

Can you comment on what you see as the relationship between scarcity, opportunity cost and trade off?

Answer the following questions. True or False
1. Withdrawals include investment, government expenditures, and exports.
2. If the price in a market is increased below that at the midpoint along the demand curve, total revenue to the firm will decrease.
3. Decisions made by individuals as to what and how much of each other productive resources to supply and of what goods and services to buy is more characteristic of a market economy than a command economy such as the former Soviet Union's Communist economy.
4. The study of recessions and inflation is considered to be a topic in microeconomics rather than macroeconomics.
5. In a supply and demand graph for a market, the vertical axis or Y axis measures the price and the horizontal or x-axis measures the quantity demanded or supplied.
6. Withdrawals or leakages in the circular flow of economic activity include investment, government purchases of goods and services, and exports.
7. The law of demand results in nearly all demand curve graphically sloping downward into the right.
8. If a price of a good is $10 per unit and that causes the market for the good to have a surplus, scarcity does not exist in that market.
9. A point inside the production possibility curve / Frontier (closer to the origin) represents the efficient use of a country's productive resources.
10. So long as there is some opportunity costs associated with obtaining a good or service, no matter the price, scarcity is present.

3. The output per laborer per day in the production of steel and tin for Russia and China are given in the table below. Output per Labor-Day Russia CHINA

STEEL 10 3

TIN 5 6

e) How is the slope of a production possibility frontier related to the opportunity cost of the good on the horizontal axis? (See your answers to parts (a) and (b) of this question.)

3 f) What does a straight-line production possibility frontier imply? g) Which country will specialize in and export Tin?

h) What is a possible terms of trade at which both nations will be willing to trade? (See your answer to 1.g.)

i) Plot a terms of trade line at which both nations will be willing to trade on your production possibility frontiers of part (c), starting the terms of trade line from a point of complete specialization for each nation

. j) How does your diagram from part (i) demonstrate how nations gain from trade?

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