Day 4 slides - Economic Systems and Fundamental Questions...

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1 Microeconomics Principles January 23, 2008 Economic Systems and Fundamental Questions Administrative Due Friday: z HW #1 [Chap 1, 1A, 2] z Remember to SAVE and SUBMIT z Syllabus Signature z Pre-Course Survey Friday’s Class Today’s Outline Refresher z Production Possibilities Frontier Market Systems Using Graphs: Revisiting the Economic Problem Objectives Alternatives Constraints $ Money! Profit! $ What to produce? How much to produce? How? (methods, technology) What do people want (demand)? Available ‘inputs’ (workers, land) Graphing Alternatives : The Production Possibilities Frontier Production Possibilities Frontier Why does the Production Possibility Curve have that shape? What constrains the PPF? Pizzas Industrial Robots Attainable Unattainable
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2 What mechanisms are available to allocate resources efficiently? z Deciding how to address constraints? z Deciding which production alternative is chosen? Economic Systems
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This homework help was uploaded on 04/18/2008 for the course PHY 121 taught by Professor Smith during the Spring '08 term at University of Maine Orono .

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Day 4 slides - Economic Systems and Fundamental Questions...

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