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WCU Live Micro: PPC

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by

Thomas Andrews

on 16 September 2016

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Transcript of WCU Live Micro: PPC

Thomas P. Andrews
Microeconomics
Production Possibilities

Production Possibilities
PPC Defined
Maximum production
Any two goods
Current resources
Current technology
Attainable
Unattainable
Moving the point, not the curve: Opportunity cost
Inefficiency
{
Opportunity cost
Shifting the curve
Change

Practice
Land, Labor, Cattle,
Capital
Norway
Land, Labor,
Capital
USA
Draw a PPC to illustrate the main idea potrayed in the video.
What is the main idea?
Second example
PPC Process
Step 1: Set up the PPC
Label goods
list resources
label economy
Pick a point
Step 2: Show some change.
Step 3. Address the efficiency implications
Amish Mafia: "Green Corn"
First Example
Migrant workers: How do they help?
What if they left?
Butter
"Not enough"
P.I.
A.I.
Guns
A.E.&
P.E.
What's Next?
Demand
Online HW
Not Likely
Full transcript