Economics Survivor Assignment Paper
Economics Survivor Assignment
Shadman Kaif & Tony Ng
Q: What is your basic economic problem? (Be specific)
A: There is a water shortage (which is a need) on a deserted island. Of our fellow residents, 38 of them are people under the age of 18. This population is not very productive and they are inexperienced. They can be considered as our burden.
2) Q: Classify your existing resources as natural, capital and human. A:
Examples
Natural
Wild animals, fruit, trees, fish, food + water for one week
Human
Residents
Capital
Caves, axe, medical, flare gun
3) Q: Provide an example that illustrates how opportunity cost may exist on your island.
A: The opportunity cost of going to the other island to obtain water is that you sacrifice time for getting food.
4) Q: Assume that the economist on your island recommends that you adopt a mixed economic system. Pick one aspect of a command …show more content…
Create a production possibilities frontier to illustrate your productive capacity. A: The two items that our island will produce are fish for food and edible animals.
7) Q: Next, give two examples of how your island may increase production of both goods (ie. Shift its PPF outwards). Show the effect of this on your graph in #6. [3] A: One way that may increase production of both goods would be technological advancement. Specifically, we may add stone tips to our hunting sticks to create spears, which would increase the chance of catching and killing fish or edible animals. Another way to increase production would be the implementation of bait such as worms or insects. Resource production growth would increase correspondingly with the increased rate of finding and catching prey.
8) Q: Why is the PPF you drew in #6 a curved line instead of a straight line? Be sure to reference the specific products produced in #6.
Shadman Kaif & Tony Ng
Q: What is your basic economic problem? (Be specific)
A: There is a water shortage (which is a need) on a deserted island. Of our fellow residents, 38 of them are people under the age of 18. This population is not very productive and they are inexperienced. They can be considered as our burden.
2) Q: Classify your existing resources as natural, capital and human. A:
Examples
Natural
Wild animals, fruit, trees, fish, food + water for one week
Human
Residents
Capital
Caves, axe, medical, flare gun
3) Q: Provide an example that illustrates how opportunity cost may exist on your island.
A: The opportunity cost of going to the other island to obtain water is that you sacrifice time for getting food.
4) Q: Assume that the economist on your island recommends that you adopt a mixed economic system. Pick one aspect of a command …show more content…
Create a production possibilities frontier to illustrate your productive capacity. A: The two items that our island will produce are fish for food and edible animals.
7) Q: Next, give two examples of how your island may increase production of both goods (ie. Shift its PPF outwards). Show the effect of this on your graph in #6. [3] A: One way that may increase production of both goods would be technological advancement. Specifically, we may add stone tips to our hunting sticks to create spears, which would increase the chance of catching and killing fish or edible animals. Another way to increase production would be the implementation of bait such as worms or insects. Resource production growth would increase correspondingly with the increased rate of finding and catching prey.
8) Q: Why is the PPF you drew in #6 a curved line instead of a straight line? Be sure to reference the specific products produced in #6.