Ppc essay

It is vital to tap into your IQ by logically adding knowledge and measurable skills and by maximizing your academic performance. It is just as crucial to continue to develop and enhance your emotional intelligence EQ and leadership intelligence LQ — intangible strengths including character and social intelligence — as a core part of the upper-tier college prep and personal growth processes.

Ppc essay

Define PPC, scarcity, choice and opportunity cost. Explain how PPC relates to scarcity, choice and opportunity cost. Introduction The concepts of scarcity, choice and opportunity cost can be explained with reference to the production possibility curve [address the question].

Scarcity leads to choice and choice leads to opportunity cost. Although resources are limited, human wants are unlimited [reason for scarcity]. Scarcity is the situation where limited resources are insufficient to produce goods and services to satisfy unlimited human wants [definition of scarcity].

In other words, due to scarcity, society chooses what goods and services to produce. The opportunity cost of a course of action is the benefit forgone by not choosing its next best alternative [definition of opportunity cost]. In other words, when society chooses what goods and services to produce, it is choosing what goods and services not to produce.

Suppose there are only two goods produced in the economy. The PPC shows all the different combinations of the two goods that can be produced in the economy when resources are fully and efficiently employed, given the state of the technology [definition of PPC].

Overview on how PPC reflects scarcity, choice and opportunity cost The side diagram is a production possibility curve. The PPC is a series of points rather than a single point. Explanation and elaboration on how the PPC reflect scarcity An increase in the production capacity in the economy will lead to an outward shift in the PPC resulting in a decrease in scarcity and vice versa [point].

When the PPC shifts outwards, some of the previously unattainable points will become attainable. The production capacity in the economy could increase due to an increase in the quantity or the quality of factors of production [explanation and elaboration].

Ppc essay

Explanation on how the PPC reflect choice A change in the tastes and preferences of society will lead to a movement along the PPC which reflects a change in choice [point].

The tastes and preferences of society may change due to technological advancements [explanation and elaboration].

Most Popular News

For instance, the invention of the smartphone and tablet computing has led to a change in the tastes and preferences of society towards electronic publications.

As such, the market may be more inclined to produce more electronic publications [example]. Explanation on how the PPC reflect opportunity cost The PPC is concave to the origin because the opportunity cost of producing each good increases as its quantity increases [point]. This is because resources are not equally suitable for the production of different goods.

As the economy produces more and more of a good, it has to use resources that are less and less suitable for producing the good to actually produce the good. Therefore, increasingly more units of other goods have to be given up to produce each additional unit of the good [explanation and elaboration].

For instance, a farmer has a plot of very arable land that can be used to grow strawberries. To increase production of the strawberries, the farmer may have to utilise surrounding plots of land which are less fertile.

As a result, the yield of strawberries per acre of land would decrease.

Investment and Operations Team

Thus, the PPC is concave [example]. In conclusion, the PPC relates to us the concepts of scarcity, choice and opportunity cost. For the full collection of Economics essays, share your notes and join us as a member today!Free Essay: 7.

Plot the PPC of a nation given by the following data. Combination Health Care All Other Goods A 0 B 25 90 C 50 70 D 75 40 E 0 a.

Stephanie Paine. Chief Financial Officer and Chief Administration Officer. Sathya Shanthakumar. Head of Marketing and Investor Relations.

Brad West. General Counsel and Chief Compliance Officer. Type Full-Time Job Account Executive for Power Supply Co-Shaw Dempsey Resource Management INC Location Mandaluyong Metro Manila, Philippines Date Posted 8 Mar ; Type Full-Time Job We are looking for full time SEO to Rank our Sites Top in Google cheapest essay Location.

Ppc essay

Rev. Barber: America needs a new Poor People’s Campaign The future of our democracy depends on us completing the work of a Third Reconstruction. Find the most qualified people in the most unexpected places: Hire remote!

We Work Remotely is the largest community on the web (with over 2,, monthly visitors) to find and list jobs that aren't restricted by commutes or a specific location.. Post a job for $/month. Let's celebrate 25 years of caring for what matters most through the TYLENOL® Future Care Scholarship. This program has helped promising individuals achieve academic excellence in medicine, ensuring the well-being of you and your family.

Welcome to the BYU-Idaho Tutoring Center