All posts by G. Scorcia

The Production Possibilities Curve

The Production Possibilities Curve

You should be able to answer the following questions:

What point(s) are productively inefficient, efficient, and not possible?
Why is it called the production possibilities frontier?
What part of the graph illustrates diminishing returns?
What is opportunity cost and how does the graph illustrate this concept?

Assignment (For Submission on Tuesday): Prepare a chart demonstrating 6 production possibilities and the opportunity cost of one item. Label a point (L) that demonstrates unemployed resources (inefficient production) and a point unattainable with current resources and technology (M).

Video Resources:

Work Period

  1. Essay Assignment
  2. Please read Chapters 1-2-3 and take notes as required
  3. You should be able to answer the “Check Your Understanding” questions from the textbook from your notes and have the Key Terms
  4. Make notes on the Production Possibilities Curve/Frontier
  5. Please take a look at the In Our Time Project page and begin investigating topics/issues

Celebration of Your Knowledge (Unit Test) – Friday Feb. 15th

Quiz Wednesday Feb. 13th

Unit Test Chapters 1-3 -Friday Feb.15th

For the Multiple Choice  (Knowledge):

Review all of the material in the chapters including the check your understanding questions

For the Problems/Written Responses (Application and Thinking)

Areas to focus on:

  1. Production Possibilities Curves, how the PPC can be used illustrate the different laws of economics, calculating opportunity cost
  2. Political and Economic Systems