2 Topic: Production Possibilities Frontier Skill: Recognition Production Possibilities and Opportunity Cost 4) The production possibilities frontier is A) upward sloping and reflects unlimited choices. B) upward sloping and reflects tradeoffs in choices. C) downward sloping and reflects unlimited choices. D) downward sloping and reflects tradeoffs in choices. Topic: Production Possibilities Frontier Skill: Recognition 1) The production possibilities frontier A) refers to
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PRODUCTION POSSIBILITY CURVE. In economics‚ the Production Possibility Curve (PPC) is based under the field of macroeconomics. The production possibility curve (PPC) is also termed as the production possibility frontier (PPF)‚ a production possibility boundary or sometimes called product transformation curve. It is defined as a curve that illustrates the possibility of producing two goods or services within a specified time with all the resources given such as (labour‚ land‚ capital and the technical
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Possibilities of Real Life Teleportation Have you ever watched an episode of Star Trek and wondered if the possibility of teleportation existed in real life? Well‚ the good news is that it’s real! In 2008 for the first time ever in history‚ a team of scientists from the Joint Quantum Institute (JQI) at the University of Maryland was able to successfully teleport information directly from one atom to another over the distance of a meter. While this accomplishment isn’t as impressive as teleporting
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1. Introduction to Economics 1. The Economic Problem Wants and Needs A want is a desire for a good or a service. The desire may be to satisfy hunger or thirst‚ avoid heat or cold‚ be cured of illness‚ be amused or entertained‚ or enjoy that latest product of technology. The item involved may not be within the means of the person who wants it. In economics it is assumed that a person’s wants are unlimited. People are assumed to desire an unlimited array of goods and services. A need is
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Endless possibilities in Genetic Engineering Within a short period of time‚ genetic engineering has turned into one of the biggest growth areas in scientific research. It appears regularly in the media although the general public has no idea the meaning. It is currently one of the most sensitive areas of ethical debate. We are growing day by day in the increase of scientific discoveries. “The federal budget in 2003 included $24.8 million dollars for human embryonic stem cell research-up
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example‚ $ 20 spent on a CD could have been used to buy a T-shirt. The monetary cost is $ 20 but the opportunity cost is the T-shirt. Opportunity Cost The concept of opportunity cost can be easily illustrated using a model called the production possibility frontier. - The model is a graph which shows all the combinations of goods and services that can be produced by an economy given the available resources and level of technology. Static Model :This model is called a ‘static
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Residents of Rose Town Report Poison Pen Letter Noname April 1st 2000 Rose Town Star Investigator ROSE TOWN-Three days ago‚ an elderly woman was accused for her brutal actions; she will be facing two charges- libel and violation of the right to privacy. The accused‚ Ms.Strangeworth‚ a seventy-one year old resident of Pleasant Street‚ poison-pen lettered most of the families of the town which caused emotional harm to them. Poison pen letters have bothered the whole entire township for many years
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Michael Laws Diane Sargent CS-120 5 May‚ 2013 3D Printing: Endless Possibilities 3D printing is beginning to break through in almost every field imaginable. From Architecture‚ Medical‚ Space‚ Art‚ Culinary‚ and Arms fields; some I’m probably even forgetting. 3D printing has made me really interested since I first read about the controversy around the 3D printing of a gun that could shoot at least one round before it broke. Later there were blue prints posted online to a 3D printed pistol
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The possibility of life on other plant For centuries‚ people have been trying to figure out whether there are planets in the galaxy that could support life. NASA’s research gives us a positive answer to this question. However‚ from my perspective‚ it is hard to believe that there are other planets in the galaxy that could support life based on the evidence‚ which the researchers have because there is no strong and crystal clear evidence to conclude whether the planets are truly Earth-like and
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using the concepts of economic efficiency and opportunity costs. The Production Possibilities Frontier is best described as a line demonstrating the maximum level of production of one good for every production level of some other good. It is a graphical device used to illustrate the concepts of scarcity & how it necessitates choice‚ as well as opportunity cost. The PPF demonstrates the presence‚ or possibility of‚ scarcity and the inability to satisfy all wants.(Investopedia‚2012) If the economy
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