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Topic1: “Introduction to Economics: Limits, Alternatives, and Choices”

Assignment 2: “Production Possibility Model”

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Basic Economic Concepts

1. A simple but important model: Production Possibility Frontier: The Trade-Offs.

2. Law of Increasing Opportunity Cost

3. Optimal Allocation

Objectives

At the end of the lesson student will be able to:

• Recognize how individuals make choices based on their budget constraint

• Identify the concept of opportunity cost

• Interpret production possibilities frontier model.

• Contrast a budget constraint and a production possibilities frontier

• Explain the relationship between a production possibilities frontier and the law of diminishing returns

• Contrast productive efficiency and allocative efficiency

Textbooks

• McConnell, Campbell; Brue, Stanley; and Flynn, Sean. “Economics, Principles, Problems, and Policies”. 18th Edition, New York, 2009. , Chapters 1, pages 11-19

• McConnell, Campbell R and Brue, Stanley R. “Economics: Principles Problems and Policies”. 18th Edition. New York, NY: McGraw-Hill Irwin, 2009.

ISBN-13:978-0-07-337569.



• . Subject → Social Science → Principles of Economics → Download a PDF (textbook online)

• Ray, Margaret; and Anderson, David. “Krugman’s Macroeconomics for AP”. Worth Publishers/BFW, 2011

• Anderson, David. “Economics by Examples”. Worth Publishers/BFW, 2007

Online Resources

• OpenStax College. Principles of Economics.

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General Instructions

1. Student will take notes and use the required textbook for completing the vocabulary and key terms. Vocabulary, key terms, class notes, and the answer of essential questions are part of your portfolio.

• McConnell, Campbell; Brue, Stanley; and Flynn, Sean; “Economics, Principles, Problems, and Policies”. 18th Edition, New York, 2009), students will read the chapters 1 “Limits, Alternatives, and Choices” (pages 11-19).

Vocabulary and Key Terms

• Production possibilities curve / frontier. Basic assumptions

• Law of increasing opportunity costs

• Economic growth

2. By using the textbook, work on Qs 10, and 13, page 20

3. Visit and click on “Introduction to Economics”. Watch the video.

• Answer the following questions :

• Who is Adam Smith?

• Comments about his more important contribution to Economics.

• What is the meaning of the term “Invisible Hands”?

Identify your work by using an appropriate format (course code, student name, panther ID, and title of the assignment).

Due by 9/6/2018 or 9/7/2018

General Issues

• Assignment instruction Page is part of your portfolio. Please visit mater academy web site and print out the lesson instructions. Use separate pieces of paper for your work (vocabulary, key terms, and essential questions)

• Every Lesson will be due at the beginning of the next class.

• Turn in the HW at the beginning of the next class. Work on time for a good grade.

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