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Economics
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- Define economics.

- Identify the central fact of economics and explain how it relates to the economic problem.

- Name the four economic resources and explain how they are used by the entrepreneur.

- Explain an example of a trade-off between efficiency and equity in the American economy.

- Explain and apply the concept of opportunity cost.

- Describe the concept of the production possibilities curve, and how it is used.

- Use graphs to explain the difference between absolute advantage and comparative advantage.

- Identify and explain the factors, which enable an economy to grow.

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Kelleb Mloyi
Kelleb MloyiLv2
28 Sep 2019
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Related questions

The Production Possibilities Model is one of the first Economic Models students learn about.

a. Please explain what the mode teaches us.

b. Please explain each of the 4 assumptions of the model.

c. Please explain Productive Efficiency and how it relates to the PPC.

i. Define it and explain how it relates to the PPC.

d. Please explain Allocative Efficiency and how the point of AE is found.

i. Define it, ii. Discuss the significance of allocative efficiency relative to the model iii. Explain the 2 step process for finding the point of allocative efficiency on the PPC.

e. On the topic of Economic growth: i. What does it mean? ii. How can it be graphically represented? iii. What are the prerequisites to Economic growth? iv. Why is Economic growth important? v. What factors tend to limit growth?

f. The Presentville  Futureville case:

1. Explain what motivates each group to make decisions.

2. Explain the impact of those decisions on the future of each group.

3. Explain the relevance of this case for the U.S. Economy. 4. What does this case teach you? g. Law of increasing opportunity cost: 1. What does it tell us? 2. How could it be explained graphically? h. Explain how you could use the Production Possibility Model to represent the US Economy during 2008 - 2010.

Suppose that two people, Michelle and James each live alone in anisolated region. They each have the same resources available, andthey grow potatoes and raise chickens. If Michelle devotes all herresources to growing potatoes, she can raise 200 pounds of potatoesper year. If she devotes all her resources to raising chickens, shecan raise 50 chickens per year. (If she apportions some resourcesto each, then she can produce any linear combination of chickensand potatoes that lies between those extreme points. If Jamesdevotes all his resources to growing potatoes, he can raise 80pounds of potatoes per year. If he devotes all his resources toraising chickens, he can raise 40 chickens per year. (If heapportions some resources to each, then he can produce any linearcombination of chickens and potatoes that lies between thoseextreme points.)
what is michelles opportunity cost of producing potatoes
what is michelles opportunity cost of producing chickens
what is james opportunity cost of producing potatoes
what is james opportunity cost of producing chickens
which person has an absolute advantage in which activities.
which person has comparative advantage in potatoes
which person has comparative advantage in chicken
Suppose that they're thinking of each specializing completely inthe area in which they have a comparative advantage, and thentrading at a rate of 2.5 pounds of potatoes for one chicken, wouldthey each be better off? Explain?
How would you extend the above narrative to businesses, society asa whole or nations? Explain

Explain how the United States, being a large economy with an abundance of natural resources, labor, and capital, can benefit by not being in autarky. It was shown in the video that the United States had the comparative advantage in burgers. Using the table below, show and explain how Mexico has the comparative advantage in phones. From your answer in the previous question, what is the opportunity cost of burgers for the United States, i.e. how many burgers must the United States give up to produce one phone? What would be an agreeable terms of trade for 1 phone? At the end of the video, a supply and demand graph of the phone market for both countries was shown. Explain why Mexico exported phones to the United States. Suppose, the market for burgers was shown rather than the market for phones in the supply and demand graphs. For the United States to export burgers and Mexico to import burgers, what would world price need to be. in each country, relative to the domestic price? Lastly, explain what a tariff is and the effect it can have on burger imports for Mexico.

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