PPT-Comparative Advantage & PPF

Corn Wheat 5 6 6 9 Because the PPF gradients are different these two countries have different opportunity costs between Corn and Wheat they will trade Opportunity cost sacrificegain. An Introduction. What is Economics?. Task 1. Write down five questions or statements that you think have something to do with economics.. Now share your ideas with the rest of the class. Given the range of comments and issues collected by the group could you now write down a definition of what economics is?. EQ: How do we gain from trade?. What was the most important. document written in 1776?. written by. Adam Smith. The Father of Economics. The Wealth of Nations. He is my great, great, great, great, . Terms of Trade. Graph the Following PPCs. Shirts. (millions). Wheat. (millions. of bushels). China. 25. 50. USA. 50. 200. Values represent all resources spent on one good. (the other value is 0). Which country has an absolute advantage in shirts?. License Agreement for Use of Electronic Resources. The illustrations and photographs in this PowerPoint are protected by copyright. Permission to use these materials is strictly limited to educational purposes associated with the course for which you have adopted . The economic resources nations have to produce goods and services are scarce. Decision-makers face trade-offs as the result of scarcity. . The model of the production possibilities frontier is used to analyze the opportunity costs and trade-offs that individuals, firms, or countries face. . David Taylor – Director of Strategy and Legal Affairs. Occupational Pensioners Alliance – 20 February 2014. Introduction. Our current position. Our objectives and long term strategy. How we are funded . Darren Barlow. Regional Technical Manager Perforating. Leon Moisseiff . What if he had the ability to model?. What does it cost if you have a major failure on a well?. Disaster is intriguing if it’s not you!. 3. When you have completed your . study of this chapter, you will be able to. 1. . Explain and illustrate the concepts of scarcity, production efficiency, and tradeoff using the production possibilities frontier.. 2. Previously. Economics is the study of how people allocate their limited resources to satisfy their nearly unlimited wants. . “. Scarcity. ”. refers to the limited nature of . society’s . resources.. Prof. Dr. Gunawan Sumodiningrat, M.Ec.. Tujuan pembelajaran. Ekonom mempunyai dua fungsi? Bagaimana mereka berbeda?. Apa itu models? Bagaimana ekonom menggunakan model?. Apa elemen dari circular flow diagram? Apa konsep yang diilustrasikan dalam diagram?. The comparative can sometimes feel like a hard topic to tackle because you’ve never had a question like this before. . But try not to be . daunted! . Introduction to Comparative. Comparative simply means . The Economic Problem. Unlimited Wants. Scarce Resources With Choices. A wind farm.. Copyright: iStock.com. 3. Production Possibility Frontiers. PPF Shows the different combinations of goods and services that can be produced with a given amount of resources. Dr. Jennifer P. Wissink. ©2011 John M. Abowd and Jennifer P. Wissink, all rights reserved.. One More Time…. Economics: the study of . the allocation of. scare resources to. produce commodities to. Absolute Advantage. given . the exact same resources, country A can produce more of a good than country . B. Comparative Advantage. given the same resources, country B produces good X at a lower opportunity cost.