Economics is the study of how individuals satisfy their wants and needs, how goods and services are produced as well as a study of how nation’s economies interact with other economies. Students must pass both the Economics course and the Georgia Milestones Economics End-of-Course Test in order to graduate. The EOC for Economics will be administered on Monday, 11 December.
How will the public choice to provide health care effect what will be produced? What will be the costs? Is it possible to have free health care without forgoing consumption of another good? In this lesson, you will study a powerful tool for analyzing decisions. You will learn about scarcity, opportunity cost, and efficiency–three of the most fundamental economic concepts.
At the end of this lesson, you will be able to plot a production possibilities curve and calculate the opportunity cost of a choice. On a graph, you will be able to (1) show how an increase in an economy’s technology affects the production possibilities curve; (2) explain efficiency using the production possibilities model; and (3) finally, using a production possibilities curve, show which points are attainable, efficient, and unattainable.
Complete the Production Possibilities Curve worksheet (you will need to get a copy of this from me after you have completed the two previous steps). This worksheet will be submitted to me at the end of class for a grade.
Finally, so that I can see how well you understand PPCs, their purposes and uses, answer the following questions ON YOUR OWN to demonstrate your newfound knowledge and skills. Record your answers on the back of the Production Possibilities worksheet and then turn in your worksheet.
Which of the following are assumptions underlying the PPC?
Only two goods are produced
Technology, population, and capital are variable.
Prices determine the position on the PPC.
All the above.
Efficiency along the PPC implies,
Goods are produced quickly
The state of technology is maximized
In order to get more of a good, some of another must be given up
Goods are distributed equitably
Which of the following would not shift an economy’s PPC?
An increase in population
Doubling the amount of capital in the economy
An increase in the money supply
A technological advance
What determines the opportunity cost along a PPC?
The kinds of goods being produced
The slope of the PPC
Choices made by the economy
The area under the PPC
An economy has a constant cost PPC. What do you know about the slope?
A straight line
Convex to origin
What statement below implies that a PPC will be an increasing cost curve?
Resources are scarce
Most resources are more productive in certain uses than others
Underemployment of productive resources
Diminishing marginal returns to scale
A PPC shows,
The best combination of goods to produce
The plans for increasing output in the short run
What can be produced with various combinations of resources
This project will account for 15% of your grade and is due on Monday, 4 December. It may, however, be turned in without penalty until 8:20am on Friday, 8 December. After this time, an additional 25% will be deducted at the beginning of each school day. After 8:20am on Wednesday, 13 December, the project will no longer be accepted for any credit whatsoever.
What does it mean to interpret the Constitution? Why is interpretation necessary? Who gets to do it? In this WebQuest, students explore the answers to these questions and more. Using examples from the First and Eighth Amendments, students try their own hand at interpreting sticky situations—and compare their findings to actual Supreme Court opinions
In this WebQuest, students look at all levels of both the state and federal court systems. They learn about jurisdiction, look up the courts in their own state, find out what federal appellate circuit they live in, and investigate the current U.S. Supreme Court justices.