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Scarcity and Economic Choices; Introducing the PPC Model; Efficiency and Inefficiency; Opportunity Cost & Trade-offs; Economic Growth & Shifts

The Production Possibility Curve

Economics

The Production Possibility Curve

Understanding economic choices with limited resources.

Agenda

• Scarcity and Economic Choices

• Introducing the PPC Model

• Efficiency and Inefficiency

• Opportunity Cost &amp; Trade-offs

• Economic Growth &amp; Shifts

Making Choices with Limited Resources

We all have unlimited wants, but resources like time, money, and materials are limited. This scarcity forces individuals and societies to make tough choices about what to produce or consume, like a country deciding between funding schools or building roads.

Modern morality: Choosing paths with limited resources.

Visualizing Choices: The Production Possibility Curve (PPC)

The Production Possibility Curve (PPC) is a model showing the maximum combinations of two goods an economy can produce. It illustrates trade-offs due to limited resources and technology, helping us visualize economic choices.

Break-even point analysis graph showing loss, profit, and break-even.

Basic savings equation: combining financial resources for growth.

Key Assumptions of the PPC Model

• Fixed resources: land, labor, capital stay constant.

• Fixed technology: no new inventions or methods.

• Full employment: all resources are actively used.

• Only two goods produced: simplifies the economy.

Constructing a Basic PPC Graph

To draw a PPC, label the X-axis 'Consumer Goods' (like smartwatches) and Y-axis 'Capital Goods' (like factory machinery). Plot points showing different production mixes. Connect these points to form your curve.

Points ON the Curve: Efficiency

Any point *on* the PPC means a country is using all its resources efficiently. This achieves the maximum possible output with current technology and resources.

Points INSIDE the Curve: Inefficiency

Points inside the PPC show inefficiency. Resources like workers or factories are not fully used. This means we could produce more goods and services.

Points OUTSIDE the Curve: Unattainable

Points outside the PPC, like Point D, are currently unattainable. We lack the resources or technology to produce at these levels today. They represent future production goals.

Understanding Opportunity Cost

Opportunity cost is what you give up when you make a choice. It's the value of the *next best* alternative you didn't pick. Choosing to study means giving up playing video games.

Teenager calculates opportunity cost with calculator and pencil.

The Production Possibility Curve

Scarcity and Economic Choices; Introducing the PPC Model; Efficiency and Inefficiency; Opportunity Cost & Trade-offs; Economic Growth & Shifts

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