PPT-Production Possibilities Curve (Frontier)

Graphing the Combinations of Production for Two Goods or Services Shows all of the possible combinations of two goods or services that can be produced within a stated time period given two very important assumptions. HUBBARD. Microeconomics. FOURTH EDITION. ANTHONY PATRICK. O’BRIEN. Trade-offs, Comparative Advantage, and the Market System . CHAPTER. 2. Chapter Outline . and. Learning Objectives. 2.1. Production Possibilities Frontiers and Opportunity Costs. William Greene. Stern School of Business. New York University. 0 Introduction. 1 . Efficiency Measurement. 2 . Frontier Functions. 3 . Stochastic Frontiers. 4 . Production and Cost. 5 . Heterogeneity. Was Florida’s Western Frontier a Haven for Heathens?. Frontier Pensacola. 1559 – . Don Tristan de Luna y Arellano’s fleet anchors in Pensacola Bay to begin colony in Northwest Florida frontier. Colony devastated by hurricane within a month. Hungry, disgruntled colonists return to Spain.. Everything You Need To . K. now . A. bout The Frontier To Succeed In APUSH. www.Apushreview.com. The Frontier: An Intro. What was it?. A line that separated east and west (civilization from wilderness). An item that gratifies people’s needs and wants. Capital Good. An item that is used to produce other products. Production Possibilities Schedule. A table that shows the possible output combinations for an economy. This curve demonstrates the tradeoff of production possibilities between two products. . Y Axis. X Axis. Production Possibilities Curve. Each point on the curve represents what is possible in the production of the two products. Notice that the curve is inverse: adding to one side means less of the other . What Shall We Give Up?. Opportunity Cost. Opportunity cost. : . The highest valued activity sacrificed . in . making a choice. .. Opportunity costs are incurred when a . choice . is made.. They are subjective and vary across persons.. What Shall We Give Up?. Opportunity Cost. Opportunity cost. : . The highest valued . alternative that must be given up as a result of making . a choice. .. Opportunity costs are incurred when a . choice . William Greene. Stern School of Business. New York University. 0 Introduction. 1 . Efficiency Measurement. 2 . Frontier Functions. 3 . Stochastic Frontiers. 4 . Production and Cost. 5 . Heterogeneity. John F. Kennedy . & . Lyndon B. Johnson. Lyndon B. Johnson being sworn in as president of the United States after the assassination of John F. Kennedy. Jacqueline Kennedy (right) witnesses the oath (November 22, 1963).. This web quiz may appear as two pages on tablets and laptops.. I recommend that you view it as one page by clicking on the open book icon at the bottom of the page.. 1c – Production Possibilities. Lab Session 2: Stochastic Frontier. William Greene. Stern School of Business. New York University. 0 Introduction. 1 . Efficiency Measurement. 2 . Frontier Functions. 3 . Stochastic Frontiers. 4 . Production and Cost. Settlement of the frontier was an . evolutionary process. Began as a wilderness. Started with a hunting frontier. Followed by mining and cattle frontiers. Finished with towns/cities. Frontier was . “the meeting point between savagery and civilization.”. 1. Scarcity. 2. Scarcity. Resources are scarce. You can’t always get what you want so everyone must make choices.. Choices can be dependent on money but also time.. Why do individuals have to make choices? .