bus204_3_shouse_brandy_2-t

bus204_3_shouse_brandy_2-t - Brandy Shouse Bus 204_3_unit 2...

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Brandy Shouse Bus 204_3_unit 2 October 4, 2010 1 see correct format of citations in term 1 below. See comments below 5 points out of 5 for Correct APA format including correct file name 1 0 points out of 10 for thorough and accurate textbook definition of all terms 1 3 points out of 15 for Reasonably accurate explanations of most terms 5 points out of 5 for references and citations correct 3 3 points out of 35 for TOTAL GRADE of 94.29% Brandy Shouse Bus 204_3 Enrico DiGiammarino Jr October 4, 2010
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Brandy Shouse Bus 204_3_unit 2 October 4, 2010 2 Name: Brandy Shouse Course: Bus 204 Section: 3 Unit: 2 Date: October 4, 2010 Krugman, P. and Wells, R. (2009) Macroeconomics, Second Edition . New York, Worth Publishers Define key terms a. Define key terms listed below as they are defined in the textbook. Production Possibility Frontier – “illustrates the trade-offs facing an economy that produces only two goods. It shows the maximum quantity of one good that can be produced for any given quantity produced of the other.” (Krugman, 2009) (Krugman & Wells, 2009, p. 25) What it means to me. This means that if you produce one product that you can not produce the second product at the same quantity or quality The PPF model shows the tradeoffs a producer must make in one item to produce the other item . The model is used to analyze how two countries or two trading partners, could produce two different items or commodities, with each country specializing in the item in which they have a relatively lesser cost of production (comparative advantage) and then trading with the other country and both countries gain from this trading Comparative Advantage - “ in producing a good or service if the opportunity cost of producing the good or service is lower for that individual than for other people.” (Krugman, 2009)
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This note was uploaded on 11/23/2010 for the course BUS 204 taught by Professor Enricodigiammarinojr during the Fall '10 term at Kaplan University.

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bus204_3_shouse_brandy_2-t - Brandy Shouse Bus 204_3_unit 2...

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