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Production Possibilities Curve
The Production Possibilities Curve is an economic model that is used to represent many economic concepts such as scarcity, opportunity cost, and efficiency.
Required Case Readings:
Rittenberg L. and T. Tregarthen (2009). Chapter 1 (sections 1-3): Economics: The Study of Choice Principles of Microeconomic Analysis. FlatworldKnowledge.com. Retrieved December 2, 2011 from: click here
Rittenberg L. and T. Tregarthen (2009). Chapter 2 (sections 1-4): Confronting Scarcity: Choices in Production Principles of Microeconomic Analysis. FlatworldKnowledge.com. Retrieved December 2, 2011 from: click here
After reading the materials listed above, please address the following questions in a 4-5 page essay:
Review the Case in Point essay ?The European Union and the Production Possibilites Curve,? in section 4 of Chapter 2 in the Principles of Microeconomics online text listed above to address the following two questions.
1. Does a reduction in trade barriers cause a country to move closer to its production possibilities curve or does it cause the production possibilities curve to shift outward?
2. What can be said about an economy that is operating inside the production possibilities frontier.
3. What are at least TWO factors that would cause the production possibilities curve to shift outward (economic growth)?
4. Using the same case, what role did comparative advantage play in trade among member nations? What was the effect on the standard of living among trading nations?
5. Discuss some advantages and disadvantages of free trade.
Case Assignment Expectations:
Use concepts from the modular background readings as well as any good quality resources you can find from the cyberlibrary or other internet search engines. Please be sure to cite all sources within the text and a reference list at the end of the paper.
Length: 4-5 pages double spaced and typed
The following items will be assessed in particular:
Your ability to understand a fundamental economic model, the production possibilities frontier.
Some in-text references to the modular background readings (APA formatting not required).
The essay should address each element of the assignment. Remember to support your answers with solid references including the case readings.
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Date
28/04/2012
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Time
05
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