1.5 Production Possibilities.docx
Objective: What is the production possibilities model? How can we use it to analyze choices made by individuals and societies? How can we use the model to show key economic concepts?Before watching the PPC videos, please define with examples the 4 Factors of Production (info in your textbook. Which is the most important for economic growth?3 PPC Videos (These videos will introduce you to the Production Possibilities Model. Note that you will also see this referred to as the Production Possibilities Curve (PPC) or Production Possibilities Frontier (PPF). These all mean the same thing. Draw the Production Possibilities model in your notes with detailed explanations so that you understand what the model means.An Individual’s PPCOther good PPC videos:A Society's PPCNo Bull PPC reviewPPC & Resource changesPPC in 60 seconds PPC Example: How to spend time - math grade or econ grade (from first video)Definition: Assumes: Production Possibilities How does the model show scarcity? How does the model show inefficiency?How does model show choice and trade-offs?Society’s PPC - Military Goods vs. Civilian Goods (from second video)How does model show increasing opportunity costs?How does model show marginal analysis?What is the best choice?How does model show an increase in resources? A decrease in resources?Recap: 1. How can you use the production possibilities model to illustrate a choice you have made recently?2. How can you use the production possibilities model to illustrate a choice our nation is facing?3. How does the production possibilities model show the following important economic concepts? Scarcity, choice, trade-offs, resources, marginal thinking, efficiency, growth, opportunity cost, increasing opportunity costs ................
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