Need help with Homework (1 Viewer)

[ffxdean]

Im having trouble with these questions we had to do for homework:


5. Outline why economics can be described as a study of choice


22. Identify why it is possible for an economy to be producing outside its production possibility frontier.


43. Explain why we might find our economy producing at a level within (or below) the production possibility frontier.



Any help with these 3 questions will be great.


Thankyou

 

[williamc]

Im having trouble with these questions we had to do for homework:


5. Outline why economics can be described as a study of choice

wtf

22. Identify why it is possible for an economy to be producing outside its production possibility frontier.

It can't unless there is an influx of people immigrating into the country or they find more resources.

43. Explain why we might find our economy producing at a level within (or below) the production possibility frontier.

People arnt producing to their capacity.

Could be disease going around etc.

 

[midifile]

qu5. Economics can be described as a study of choice as humans have unlimited wants but limited resources, so we have to choos the best way to utalise our resources to satisfy as many needs and wants as possible.

qu22. An economy cant produce outside of its PPF.

qu23. An economy can be producing at a level within the PPF if there is unemployment, breakdown of technology, resources are crap and cant be used etc

 

[williamc]

qu22. An economy cant produce outside of its PPF.

Yer, as the economy is using ALL the resources it has.

What i meant, is the PPF will shift outwards. (if peopel start migrating to oz)