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Transcript of FrontPage: NNIGN 1 Last Word: Ch 1 Review due and Quiz - Tuesday Tattoo and body-modification artist...
![Page 1: FrontPage: NNIGN 1 Last Word: Ch 1 Review due and Quiz - Tuesday Tattoo and body-modification artist Kala Kaiwi, who holds the world record for having.](https://reader036.fdocuments.in/reader036/viewer/2022062315/5697bf891a28abf838c8a431/html5/thumbnails/1.jpg)
FrontPage: NNIGN
Last Word: Ch 1 Review due and Quiz - Tuesday
Tattoo and body-modification artist Kala Kaiwi, who holds the world record
for having the most stretched earlobes on the planet. The holes in his ears are said to measure 4.3” in diameter and took him around 16
years to stretch
Tattoo and body-modification artists descended on Caracas, Venezuela, last week for a four-day festival aimed at spreading awareness of the extreme art forms.
Maria Jose Cristerna, also known as Vampire Woman, was one of the celebrities to attend the event.
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Production PossibilitiesOr…guns vs. butter
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What are the possibilities?
When we talked about opportunity cost, we learned that for each choice, there is a trade-off We must give something up to get/do something
else. Economists have developed models to show
how this type of thinking works in real-life We can represent these choices and trade-off
visually, in a graph Useful for businesses and governments, but also
for individual decision-making
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Production Possibilities Frontier (PPF)
A production possibilities frontier (curve) is a graph showing the maximum number of goods or services that can be produced by using limited resources.
For example: what will a nation decide to produce?, “guns or butter”
There are several assumptions that go along with this graph that we need to keep in mind…1. Resources are fixed – no more capital, land, labor can be
added to increase production2. All resources are fully utilized3. Only 2 products can be produced (or graphed)4. Technology is fixed – no new processes can be factored in
to increase production
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Guns vs. Butter
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https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/production-possibilities/v/production-possibilities-frontier
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FrontPage: Have PPF sheet on your desk.
Last Word: Ch 1 Review due (Online AND Paper) and Ch 1 quiz Tuesday
Best Tip Ever Best Pet Halloween Costume Ever
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Studying vs free time
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What points would be considered “underutilization”?What points would be considered “efficient”?
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Laptops and LCDs
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Cars and milk
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Production possibilities Frontier (or… PPF, or… PPC)
What could actually cause a “shift” in the PPC – to the right (“out”)? Laptops and LCD TVs?
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Production possibilities Frontier (or… PPF, or… PPC)
What could cause a shift to the left (“in”)? Steel and Food
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What happens if the change only affects one good?
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Law of Increasing opportunity cost
Why is the opportunity cost of doing one more thing instead of the other NOT always a consistent number in a PPC? The line usually curves, it is not straight.
Why?
https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/production-possibilities/v/increasing-opportunity-cost
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