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Thinking like a economist the basic vocabulary of the field - Case Study Example

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Opportunity cost Human capital is the measure resulting from an individual’s skill set. The concept of human capital recognizes that labor is not equal and that the quality of and the individual is reliant on the education of the individual abilities and experiences of the individual…
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Thinking like a economist the basic vocabulary of the field
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Thinking like a economist the basic vocabulary of the field

Download file to see previous pages... The position on the supply side is that college education instills the knowledge and ability the individual requires in attaining the desired quality of human capital. Additionally the demand side of college education on human capital provides that college education establishes an environment for research and development, and as such, the practicality of the human capital develops. These research and development activities require human capital and, therefore, the human capital available in colleges employed to accomplish this (Frank, New York Times). However, in order to produce an economy requires a combination of other factors such as land and labor. Although this may be true, and given the limited resources a production possibility curve becomes essential in order to identify maximum productivity. A production possibility curve is the maximum output level attainable from the combination of existing resources. This implies the efficient and wholesome use of the available resources. A variation in the factors of production leads to the inward or outward shifts in the production possibility curve depending on the effect of the variation. An inward shift in the production possibility curve implies a reduction in the factors of production, therefore, limiting the output. ...
Another instance where the curve can shift inwards is during times of war where the resources aimed at production become rechanneled to facilitate the war and, therefore, reducing factors used in production leading to reduction of production. Conversely, an outward shift in the production possibility curve depicts economic growth. According to Bouman (Principles of Macroeconomics) economic growth results in the attainment of greater economic levels as a result of an increase in resources employed in production. An increase in land, capital labor or raw materials supports economic growth. Similarly, improvement in the utilization of resources for production such as technological advancement or training can also result in economic growth. On the other hand, devoting more resources to investment than to consumption increases the capital factors of production, therefore, resulting in an economic growth and an outward shift in the production possibility curve. Granted that the production process efficiently utilizes the available capital in order to operate on the production possibility curve, it is imperative that economic growth requires an increase in capital. Devoting more resources to investment, therefore, produces this effect. Although preference to consumables increases utility and provides happiness, it does not result in significant shifts, in the production possibility curve as an investment would do. An outward shift in the production possibility curve is desirable in any economy as it increases the potential of the economy to increase its production. Although the shift does not necessarily imply actual production, it depicts a potential increase in production but due to inefficiencies and unemployment in the economy the growth ...Download file to see next pagesRead More
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Thinking like an economist: The basic vocabulary of the field
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