Indicate how each factor in the following table can be represented in a PPF framework. Factor...
Indicate how each factor in the following table can be represented in a PPF framework.
|
Factor |
Represented By |
|||||
|---|---|---|---|---|---|---|
|
The Frontier of the PPF |
The Slope of the PPF |
Points Along the Frontier |
Points Beyond the PPF |
Points Below the PPF |
||
| The finiteness of resources implicit in the scarcity condition | ||||||
| Choice | ||||||
| Opportunity cost | ||||||
| Productive efficiency | ||||||
| Unemployed resources | ||||||
Homework Answers
The finiteness of resources implicit of the scarcity condition is represented by the frontier itself. As resources are scarce, PPF shows that resources must be allocated carefully for the production of the goods.
Choice is represented by points along the PPF. All the points along the PPF show different choices which are available to the economy. The economy has to choose the most efficient point on the PPF.
Opportunity cost is represented by the slope of the PPF.
Slope of the PPF = change in Y/ Change in X
Productive efficiency is represented by the the frontier of the PPF. All the points on the PPF show efficient productivity.
The unemployed resources are the points below the PPF meaning that these resources could be used for the purpose of production but are not being used.
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