https://padlet.com/leannemagree1/qdq256bydfg6f6ew UPLOAD 1. CREATE an annotated poster of the PPF model. Include: efficient points, inefficient points, unattainable points, how to calculate opportunity cost and note any assumptions of the model. Show SHIFTS 2. Paragraph: Explain why the scarcity leads to choices and opportunity cost. Use a business example in your answer. 3. Paragraph: Explain how the PPF demonstrates scarcity, choice and opportunity. Use another business example in your answer. en-us 2022-01-31 02:23:00 UTC 2022-02-09 03:36:46 UTC hello@padlet.com mmas0039 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022586785 The economic problem is scarcity. The PPF illustrates relative scarcity because it shows all the maximum possible combinations of two products that can be produced given limited resources. Points outside of the PPF are either inefficient or impossible to obtain due to limited resources. 

As resources are limited, choices should occur on the PPF to not waste any resources. Movements along the PPF are results of opportunity cost, there is a trade-off between one product and the other.

For example, a firm cannot produce beyond the boundary due to limited resources such as land, labour and capital. Due to limited resources, a firm must make choices and each choice has an opportunity cost to get more on one product, the other product must be given up. In this case, The firm must give up a certain amount of bread to produce more computers. ]]> 2022-02-01 03:31:01 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022586785 mmas0039 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022587710 2022-02-01 03:32:07 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022587710 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022592335 2022-02-01 03:38:16 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022592335 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022594142 2022-02-01 03:40:32 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022594142 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022597961 2022-02-01 03:45:09 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022597961 pinkywu3 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022598049 2022-02-01 03:45:16 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022598049 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022599488 2022-02-01 03:46:55 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022599488 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022599809 2022-02-01 03:47:21 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022599809 mzha0145 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022601392 2022-02-01 03:49:25 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022601392 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022603789 human needs and wants are unlimited which leads to limited resources therefore, we need to make choices and each choices has an opportunity cost to get more of a specific product you have to give up the second best choice. For example , going to Monash University I gave up studying in USA ]]> 2022-02-01 03:52:26 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022603789 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022604158 Relative scarcity is a basic economic problem where resources are limited but human needs and wants are unlimited, which then leads the firm to make choices and priorities as to what they should make for eg. if the firm/factory should make more cars or more jeeps. If the firm decides to make more cars then it would have to sacrifice a certain amount of jeeps to do so because it needs to manage it's resources so the amount of jeeps sacrificed is the opportunity cost also referred to as the amount of the next best alternative lost or sacrificed]]> 2022-02-01 03:52:53 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022604158 mmas0039 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022606821 Relative scarcity is when resources are limited naturally but needs and wants are unlimited. Opportunity cost is the next best alternative given by choosing another item. This will lead the firm to make choices, for example a certain amount of bread must be given up to produce more computers. A certain amount of bread is the opportunity cost of producing more computers. ]]> 2022-02-01 03:55:50 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022606821 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022607195 Relative Scarcity: Short In supply or when supply does'nt meet demand. 

Opportunity Cost: The most desirable alternative given up as the result of your decision. 

Relative Scarcity leads to opportunity cost as it forced us to make a CHOICE amongst alternatives creating Opportunity Cost.

An example of relative Scarcity is PCR tests and antigen tests. Dubai is a tourist country and a lot of people visited Dubai as it was open. Due to a lot of people traveling, Covid Cases went up which increased the demand of PCR tests initially. Because PCR testing centers were so busy, they came out with Antigen Tests which is the second best option as PCR tests are accurate but Antigen tests are only 95% accurate 




]]> 2022-02-01 03:56:21 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022607195 pinkywu3 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022609440 The resources in the earth are limited but the desires of human wants and need are unlimited. It leads to relative scarcity that the condition in which human wants are forever greater than the resources available to satisfy them. Since we cannot have anything we wants, we need to make choice. During making choices, we need to give up the other choice that is opportunity cost. the opportunity cost is the next best alternative lost when making a decision.

For example, a owner of the factory need to choose between producing mobile phones or computers since there are limited space in the factory. If the owner choose to produce computers, he need to give up on producing mobile phones. The opportunity cost of producing computers is the revenue of producing mobile phones.]]> 2022-02-01 03:59:06 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022609440 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022613458 2022-02-01 04:04:21 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022613458 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022618206 the PPF illustrates relative scarcity it is demonstrated by considering the differences between the points for example, points on the curve and points outside the curve by dividing production into attainable and unattainable levels. Which leads to making choices because our resources are limited but our needs and wants are unlimited. and every choice we make leads to opportunity cost to gain more from a specific product we have to give up our Second best choice. for example, if a. firm is trying to sell hand creams for women and hand creams for men they will analyse which product is going to need to be produced more due to the limited resources their for we can make 10 billion hand cream for women and men they have to make a choice on which product needed to be produced more. ]]> 2022-02-01 04:09:56 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022618206 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022619982 A PPF model perfectly describes the economic process carried out by a firm.The first aspect is relative scarcity where the ppf shows two maximum numbers of different goods a firm could produce with it's limited resources for example a vehicle factory could make two types of vehicles, either a car or a jeep with the resources it has.

Since resources are limited the factory should decide to maximize the production of one vehicle and minimize the production of the other so it needs to make a choice between making more cars or more jeeps 

Since the firm has to make the production economically sustainable it needs to maximize it's use for the resources and priorities as to what they should make more, either cars or jeeps, so if more amounts of jeeps are made then a certain number of cars should be sacrificed in order to do so which is the next best alternative lost also known as it's opportunity cost


For sustainable development the resources must be used to their full potential so whilst making a ppf if it's observed that a point is within the ppf that would mean that the resources haven't fully been utilized and production is lower than the expected amount.

The opposite case is when there is an anomalous point lying outside the ppf this would mean it is impossible to achieve as resources are limited.

The ppf curve itself can also shift depending on several reasons but before that we should familiarize ourselves with the shift
the shift can be outwards or inwards, outwards shift means the production is higher than expected and inwards means  the production is lower than the desired amount
the reasons for these shifts could be the following
1.resources available
2.Labour Involved
3.budget 
4.Education/skills

The ppf model can describe all these things and what is to be done to achieve economic sustainability for a certain firm.]]> 2022-02-01 04:12:13 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022619982 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022621911 2022-02-01 04:14:53 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022621911 saililiu0112 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022650863 2022-02-01 04:50:26 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022650863 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022796152 2022-02-01 07:28:12 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022796152 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022833739 The resources are limited, but the human needs and wants are unlimited. so in some situations, we need to make the choices and opportunity.
For example, a factory can only make 100 bikes or 10 cars. if they decide to produce the bikes, then producing the cars is opportunity cost.]]> 2022-02-01 07:57:28 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022833739 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022851458 the PPF shows the relationship between two products. when one output of them decrease, then the other one will increase. 
there are three different types of points in the PPF:
1. if the points are on the curve, then it is efficient, it means the maximum output from the available level input and the resources are not wasted.
2. if the points are outside of the curve, then it is unattainable, it means there are not enough resources to produce the products
3. if the points are inside of the curve, then it is inefficient, it means it is insufficient use of resources to generate value.

for example: a factory can only generate bread and cakes. then on the x-axis we can measure the number of cakes that can be produced; on the y-axis, the number of loaves of bread that can be produced. If we allocate all resources to produce bread, we will not be able to produce any cakes at all. This would allow us to have 5 billion loaves of bread, but zero cakes. So we can plot a point A. At the other extreme, we could produce only cakes, but no bread. That's point B-10 million cakes and zero loaves of bread. It is also possible that the economy could choose to produce any of the many combinations in between.

]]> 2022-02-01 08:11:24 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2022851458 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2023191033 Relative scarcity confirms that humans have unlimited needs and desires, while resources are limited.  For example, humans need to choose between producing mobile phones or producing bread.  In the case of limited factory resources, human beings need to give up bread production if they choose to produce computers.  The opportunity cost of producing computers is the income from bread production.]]> 2022-02-01 12:20:12 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2023191033 mzha0145 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2025667442 Relative scarcity is the most important issue in economics. Its cause is limited resources, but human desire is unlimited, so it often leads to short supply. For example, I have only 100 yuan in my hand, and the things I can buy are limited. That's when people start choosing. And the opportunity cost is here. The definition of opportunity cost is that people give up the second best option among the options. For example, if you have 100 yuan, you can only choose to buy one pair of AJ or two pairs of AF. you choose to buy AJ instead of AF. AF is the opportunity cost]]> 2022-02-02 15:49:05 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2025667442 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2025786443 2022-02-02 16:38:59 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2025786443 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2025805925 Relative Scarcity  is the most important issue in economics , means that we do not have enough resources to satisfy all our wants and needs. The world's resources are limited, but human desires are unlimited. For example, my monthly salary is only $6,000, but I want to buy something for $10,000. My money is limited, but my desires are unlimited. The definition of opportunity cost is the value of the next best alternative lost when making a decision. A farmer chooses to plant wheat, the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment)]]> 2022-02-02 16:47:20 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2025805925 mzha0145 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2025813056 The relative scarcity of a PPF company can represent a product. When the company produces more than this line, it shows that it cannot produce so much because of its lack of resources. When his number is lower than this line, it shows that he does not use resources effectively. When the production volume moves online, it shows that the production is efficient. This line will move only when the technology, population or education of the company or country changes. Take a simple example. For example, a company can produce 50 million bread or 2 million computers. At this time, its production can only be in this range. At most, it cannot exceed this range, otherwise it cannot be produced.]]> 2022-02-02 16:50:32 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2025813056 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2025835583 The PPF is an economic model used to understanding and predicting the relationships between variables.

There are three different types of points in the PPF:
1.all points on the PPF are productively efficient
2. Points inside the PPF are inefficient
3.points outside the PPF are impossible to achieve

]]> 2022-02-02 17:00:25 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2025835583 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026408140 2022-02-02 22:36:53 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026408140 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026408638 2022-02-02 22:37:25 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026408638 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026408995 2022-02-02 22:37:46 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026408995 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026644129 Relative scarcity is a basic economic problem where human needs and wants are limited, however resources are limited. This requires firms to make choices on what good or service to produce, resulting in an opportunity cost; the value of the next best alternative that is lost. A farmer can produce apples or oranges. In order to yield more apples, he would have to allocate more resources to the production of apples. The number of oranges that the farmer sacrificed in this process is his opportunity cost.]]> 2022-02-03 02:33:55 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026644129 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026729621 2022-02-03 03:57:27 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026729621 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026730711 2022-02-03 03:58:31 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026730711 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026731385 2022-02-03 03:59:07 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2026731385 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2028635089 Relative scarcity is when humans have unlimited needs and wants which leads to making choices because they only have a few certain amount of resources. When a choice is made, they will meet opportunity cost. Opportunity cost is the loss of the second best alternative. For example a firm has sufficient resources to produce either bread and computers. Suppose they want computers produced, their opportunity cost is making bread. It means they choose to produce computers and giving up on producing bread.]]> 2022-02-04 01:16:44 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2028635089 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2031566684 2022-02-06 16:16:27 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2031566684 leannemagree1 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2034424792 The PPF demonstrates relative scarcity as the model shows that a firm can only produce a combination of two products on the curve from a limited amount of resources. A firm cannot product beyond the curve due to limited resources. The range of production combinations demonstrate production choices.  If a firm moves from one point to another, this will involve giving up one product to produce more of the other, what is given up is the opportunity cost.

]]> 2022-02-08 01:45:41 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2034424792 leannemagree1 https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2034457182 The economic problem is relative scarcity, this occurs because our needs and wants are greater than the resources available. Therefore choices need to be made on how to best use resources. If resources are used for one product, they cannot be used for producing something else. This choice creates an opportunity cost, that is the value of the next best alternative that is forgone. ]]> 2022-02-08 02:10:27 UTC https://padlet.com/leannemagree1/qdq256bydfg6f6ew/wish/2034457182