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Production Possibilities Curve (Frontier).ppt

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Production Possibilities Curve (Frontier).ppt

Production PossibilitiesWhen faced with SCARCITY of resources, decisions have to be made about how to use those resourcesTrade-offsOpportunity CostsTrade-Offs This is the decision making process that is occurring in your mind right now Am I going to pay attention to what Mr. Hayward is saying, or am I going to daydream Am I going to come to class or go buy a lottery ticket Am I going to stay in school or go find a full time job Each and every decision you make has a cost Not necessarily a cost in dollar terms, but a cost in that you must give up something in order to get more of something else.Opportunity Cost The “price you pay” for each decision you make is called the OPPORTUNITY COST. Opportunity cost is vital to the understanding of economics. “The amount of a product or service that must be forgone given up in order to obtain more of the next best alternative product or service”The best way to illustrate Trade-Offs and Opportunity Costs is to use a Production Possibilities CurveThe PPC shows the relationship between two goods1. Capital Goods Investment GoodsGoods that satisfy our wants INDIRECTLY and promote future growth or “happiness” – Delayed gratification.2. Consumer GoodsGoods that satisfy our wants DIRECTLY. Instant GratificationLesson 1 Act 1Production Possibilities Curve Frontier Constructing the PPC. Horizontal axis is labeled “Consumer Goods” Vertical axis is labeled “Capital Goods”Consumer GoodsCapital GoodsProduction Possibilities Curve Frontier If this economy allocated ALL of its productive resources to the production of Capital Goods it could produce 100 Capital GoodsConsumer GoodsCapital Goods0100Production Possibilities Curve Frontier If this economy allocated ALL of its productive resources to the production of Consumer Goods it could produce 1000 Consumer GoodsConsumer GoodsCapital Goods01001000Production Possibilities Curve Frontier Connect the two points. This line represents an economy’s Production Possibilities of Capital and Consumer goods.Consumer GoodsCapital Goods01001000Production Possibilities Curve Frontier Notice the line is straight. It has a constant slope. Let’s calculate the ratios between Capital and Consumer goods. This gives us our “opportunity costs” of producing capital and consumer goods. Consumer GoodsCapital Goods01001000

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