1.1 - Listed below are several topics I would like for each of you to discuss throughout the week Refer to the weekly materials your textbook and\/or the

1.1 - Listed below are several topics I would like for each...

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Listed below are several topics I would like for each of you to discuss throughout the week. Refer to the weekly materials, your textbook, and/or the GMC library when researching the topics for this Discussion Forum. Put your writing into your own words, do not copy directly from the source. Be sure to incorporate scholarly/peer-reviewed sources and cite them properly in your posts. Economic models are used to reflect make assumptions about both consumer and producer behavior and in the case of the Production Possibilities Frontier (PPF) to show the concepts of opportunity cost, trade-offs, and scarcity. Please reflect on and explain a “real- world” application of the PPF for your scarce resources associated with a scenario where you could spend your time (labor input), equipment (physical capital), and natural resources to allocate resources between two production options. For example, on page 32 of our textbook and reflected in the graphic below, there is a reference to allocating resources to either healthcare or education.

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