Module The Production Possibilities Curve Model KRUGMAN'S MACROECONOMICS for AP* 3 Margaret Ray and David Anderson.

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Module The Production Possibilities Curve Model KRUGMAN'S MACROECONOMICS for AP* 3 Margaret Ray and David Anderson

Do Now – yes I mean “now” Lesson 2 – Activity 2 sections: 2.1, 2.2, 2.3 and is a challenge question for our Econ geeks.

Unit 1 Test Thursday / Friday - Sept. 11 & 12 Modules 1 & AP style multiple choice questions. “Tackle the Test” questions are a good sample.

Today’s Objectives Understand how the production possibilities frontier (PPF) shows opportunity costs for an economy. Use PPF to show efficient and inefficient output and economic growth. Learn to identify macro and microeconomic issues

The Production Possibilities Curve

Opportunity Cost - Constant

Increasing Opp Cost

Opportunity Cost - Efficiency Inefficient, unemployment Not feasible efficient full employment

Economic Growth Expansion of the economy’s production possibilities Availability of resources (land, labor, capital, entrepreneurship) Technology: not just electronics, any process that is used to produce goods and services. Example: assembly line.

Economic Growth

Summary  PPF shows opportunity cost of using society’s resources to produce two types of products.  Efficiency = cannot make more of something without giving up something else.  Constant vs. declining opportunity costs.  Underemployment  Economic growth: more resources or better technology.

Brain Break

Micro vs. Macroeconomics Micro vs. Macroeconomics Microeconomics: Individuals, households and firms Macroeconomics: Entire economy “Economic aggregates”

Macro or Micro? Macro or Micro? What will be the effect if the Federal Reserve lowers interest rates to stimulate the economy?

Macro or Micro? Macro or Micro? What will happen to coffee prices if there is a drought in Brazil?

Macro or Micro? Macro or Micro? What impact will the rising cost of steel have on auto prices?

Macro or Micro? Macro or Micro? Do government job training programs lower unemployment?

Macro or Micro? Macro or Micro? Should we include the value of illegal & immoral activities in their Gross Domestic Product numbers?

Economic Questions MicroMacro PositiveWhat happens if the government regulates taxi fares? What causes unemployment? NormativeShould taxi fares be regulated? What should the government do about unemployment?

Let’s Play……