Production Possibility Frontier Worksheet - Essay Example

Production Possibility Frontier Worksheet A. Production Possibility Frontier (PPF) Production possibility Frontiergraphs are used in macroeconomics to represent the points at which the economy is best functioning by producing goods and services at the most efficient way. When the economy fails to produce goods at the PPF points then resources are being used inefficiently. The graph also shows that there are limitations to the production of goods and services, so that an economy, must decide on the best combination of goods and services to be produced (Heakal).

The first PPF chart represents an economy that6 produces capital goods and consumer goods. The points A, B, and C represents the most efficient use of the resources in the production industry. The Point X denotes an inefficient use of resources. The point Y on the other hand denotes the production state that cannot be achieved at the current state (Riley). Improvement in technology for the production of consumer goods makes the production of consumer goods cheaper to the producer.

The improvement in technology shifts the PPF graph outwards. Consequently, the production of consumer goods has shifted outwards. when a new government comes into power and imposes tax on the machinery the PPF shifts inwards. This is because taxes are external costs when new sources of production of electricity arises the cost of the production decreases. Improvement in technology for the production of consumer goods makes the production of consumer goods cheaper to the producer.

The improvement in technology shifts the PPF outwards. Consequently, the production of consumer goods has shifted outwards. 2. Reflective essay In reading through the crusades of progress i get the impression that the author tries to justify human actions. I strongly agree with the first paragraph that there is sufficient reason for the existence of evil in the world because evil works some good in us. For example one day I got beat up while walking at night. This experience taught me that I should stay at home with my family during night times.

This has helped me greatly as it has strengthened my family. I personally feel that that human nature can be best understood through history. Punishment on the other hand does not serve any good. This is best illustrated by the many ills in the society despite the harsh punishment that the offenders serve. Indeed Beccaria postulated the best passage on the crimes and punishments. Punishment is also not always just. The best example is the case of the Condorcet who committed suicide due to loopholes in the justice system.

He was accused of being anti-revolution. The pain was too much for him to bear such that he saw it better for him to die. I also acknowledge his contribution in philosophy. I get this from where the essay says that he argued that human nature could be perfected through the application of reason. This makes a lot of sense especially in the modern world where activist are in continuous fights for equality. He accurately followed through the stages of human development, to the extent that he foresaw the tenth stage where there was guaranteed livelihood for the aged.

I certainly concur with this prophesy because the modern health system together with healthcare projects tend to point toward this direction. Works CitedHeakal, Reem. "Economics Basics: Production Possibility Frontier, Growth, Opportunity Cost and Trade." 2015. Investopedia. 02 February 2015 .Riley, Geoff. "tutor2u." 23 September 2012. Production Possibility Frontier ("PPF"). 02 February 2015 .