Econ “Analyzing Production Possibilities”

Slides:



Advertisements
Similar presentations
Analyzing Production Possibilities
Advertisements

Ch 1, Sec. 2 – Opportunity Cost
1 The Model of Production Possibilities This is a basic model designed to highlight the impact of scarcity on an economic system.
Unit 1: What is Economics? Learning Objectives: Describe the nature of human wants and how they are satisfied. Identify and define the four factors of.
Module 3- The Production Possibilities Curve
AP Economics Mr. Bernstein Module 3: The Production Possibilities Curve September 11, 2014.
Question #1 Why is the concept of ‘scarcity’ important in rich countries as well as poor ones?
Chapter 1: What is Economics? Section 3. Slide 2 Copyright © Pearson Education, Inc.Chapter 1, Section 3 Objectives 1.Interpret a production possibilities.
Scarcity, Opportunity Costs, and Production Possibilities Curves: Reviewing Chapter 2 through the Homework.
Production Possibilities Curves. The production possibilities frontier is a graph that shows the combinations of output that the economy can possibly.
Complete #1 on page 7. Number your definitions (18)
Learning Objectives: The Economic Problem LO4: Understand why trade results in economies being more productive LO5: Explain the three fundamental questions.
Economics Chapter 1 Section 3.
Chapter 1 The Economic Way of Thinking
Production Possibilities Curve Graphs to show alternative ways to use an economy ’ s productive resources.
Ch 1.3: Production Possibilities Curve
Slide 1 Copyright © Pearson Education, Inc.Chapter 1, Section 3 What is Economics? Production Possibilities Frontier.
What is Economics? Ch. 1 MASON EDUCATION. Table of Contents 1. Bell Journal 2. Lecture Notes 3. Factors of Production: 4. HW: Sect Decision Making.
Production Possibilities Curves. Production Possibilties The production possibilities curve (PPC) or the production possibility frontier (PPF) is a graph.
Chapter 1: What is Economics? Section 3. Slide 2 Copyright © Pearson Education, Inc.Chapter 1, Section 3 Objectives 1.Interpret a production possibilities.
Production Possibilities Curve
Lesson Objectives: By the end of this lesson you will be able to: *Interpret a production possibilities curve. *Explain how production possibilities curves.
FUNDAMENTALS OF ECONOMICS. (TOPIC 1)LEARNING OBJECTIVES Explain why scarcity & choice are the basis of economics in every society Describe the 3 economic.
Do Now Imagine you and two friends are planning a party for the class… Plan who will do what to prepare for the party…
Chapter 3 The Economic Problem. Production Possibilities Curve (Frontier): Maximum amounts of 2 goods that can be produced at full employment of all resources.
Production Possibilities Curve. *Remember what a trade-off is: it is when you give up something to have something else.
Starter  Get with a group of 3-4 people near you.  Read the “What is economics really about?” handout.  Discuss the handout and decide how you will.
Production Possibilities Curves. Production Possibilities A production possibilities curve, or graph, shows alternative ways to use an economy’s productive.
Production Possibilities Curve. Watermelons (millions of tons) Shoes (millions of pairs) Production Possibilities Graph Watermelons.
Quantity of Computers Produced 0 Quantity of Cars Produced 3,000 1,000 PRODUCTION POSSIBILITIES CURVE The production possibilities curve is a graph showing.
+ Welcome to Economics Topic 1: Fundamentals of Economics.
PRODUCTION POSSIBILITIES CURVE What to produce...in what amount?
Chapter 1 section 3.
Chapter 1 Section 3: Production Possibilities Curve.
OPPORTUNITY COST What you write: We consider the costs and benefits of each of the alternatives What you need to know: How do we make decisions? Everything.
Chapter 1 Section 3 Trade Offs and Opportunity Costs.
Production Possibility Curve
DECISION MAKING AT THE MARGIN
Economics: The Economic Way of Thinking
Chapter 1 What is Economics?.
Module 3: The Production Possibilities Curve
Production Possibilities Curve
Chapter 1: What is Economics? Section 3
“Production Possibilities Curves”
Chapter 1: What is Economics? Section 3
Basic Economic Concepts
Chapter 1: Section 3 Vocabulary
Graphing the Possibilities
D C B Capital Goods A Consumer Goods
Warm Up (FINISH and TURN in your project)
Standard 1 Understand the fundamental concepts relevant to the development of a market economy SS.912.E.1.2 Analyze production possibilities curves.
The Economic Problem.
Unit 1 Chapter 1 “The Economic Way of Thinking”
Chapter 1 Section 3 Production Possibilities Curves
When you are absent, when you want to review, or if you want to preview the day’s lesson, you can find the class presentations at.
ECONOMIC DECISION MAKING
AS OCR Economics – The Economic Problem
Production possibilities
Economics Production Possibilities Curves (PPC)
Topic 1: Fundamentals of Economics
AP Economics “Econ, Econ” Econ.
Chapter 1: What is Economics? Section 3
Warm Up Explain what a production-possibilities curve shows.
PRODUCTION POSSIBILITY CURVE (PPC) OR
Production Possibilities
Principle #2: The Cost of Something Is What You Give Up to Get It.
Chapter 1: What is Economics? Section 3
Chapter 1: What is Economics? Section 3
Chapter 1: What is Economics? Section 3
The Production Possibilities Curve
Presentation transcript:

Econ “Analyzing Production Possibilities” Unit 1, Chapter 1, Section 3

Objectives describe what a production possibilities curve is and how it is constructed explain what economists learn from using production possibilities curves analyze how production possibilities curves show economic growth

Graphing the Possibilities Key Concepts: a production possibilities curve (PPC) is an economic model or graph that illustrates the impact of scarcity on an economy by showing the maximum number of goods or services that can be produced using limited resources

Production Possibilities Curve

What We Learn from PPCs Key Concepts: the simplified model spotlights concepts that work in the real world of scarce resources Example-Efficiency: producing the maximum amount of goods and services; Underutilization: not using economic resources to their full potential Example-law of increasing opportunity costs: as production switches, resources are needed to increase production of second product

Efficiency v. Underutilization

Changing Production Possibilities A Shift in the PPC: new resources or the more efficient use of resources is needed

Shift in the PPC

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2025 SlidePlayer.com. Inc. All rights reserved.