https://padlet.com/kylesengmanyyy/r15mg5ipn53p Insights into Economics en-us 2017-04-09 07:11:52 UTC 2023-02-21 20:45:13 UTC hello@padlet.com kylesengmanyyy https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165537543 By Kyle Sengmany]]> 2017-04-09 07:14:51 UTC https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165537543 kylesengmanyyy https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165537602 You will learn about the PPF and the contents of the topic such as: Pareto Efficiency, Pareto Improvement, Efficiency, Production Efficiency, Commodity, and the Commodity Market.]]> 2017-04-09 07:16:48 UTC https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165537602 kylesengmanyyy https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165543573 http://www.investopedia.com/terms/p/productionpossibilityfrontier.asp

The PPF is a curve representing all output possibilities for two goods or services and economy can achieve, given a set of inputs containing other resources and factors. PPF predicts that all inputs are used efficiently. Factors such as labor,capital, and technology among other factors will affect the resources available which will dictate where the curve lies.

The PPF displays the production possibilities when two resources are fixed. This video shows that the production of the one commodity can only go up when the production of the other commodity is reduced, due to availability of resources. The PPF measures the efficiency in which two commodities can be produced at the same time, helping the leaders decide on which commodity is more beneficial.

]]> 2017-04-09 10:12:51 UTC https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165543573 kylesengmanyyy https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165543946 http://www.investopedia.com/terms/p/pareto-efficiency.asp

Also known as "Pareto Optimality" is an economic state where resources are allocated in an efficient manner. It is achieved when a distribution strategy happens where one partys situation cannot be improved without making another partys situation worse, meaning that it is not fair or equal.


]]> 2017-04-09 10:18:32 UTC https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165543946 kylesengmanyyy https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165543951 http://www.investopedia.com/terms/p/production_efficiency.asp

Production efficiency is an economic level, where the economy can no longer produce additional amounts of a good without lowering the production level of another product. When an economy is working along its PPF, this is when production efficiency happens. When a product is manufactured at its lowest average total cost is when efficient production is achieved. Production efficiency measures if the economy is producing as much as possible without wasting any resources.


]]> 2017-04-09 10:18:44 UTC https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165543951 kylesengmanyyy https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165543978 Economic efficiency suggests an economic state in which every resource is ideally allocated to each individual or entity in the most efficient way, while minimizing anything that would be considered a waste.]]> 2017-04-09 10:18:57 UTC https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165543978 kylesengmanyyy https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165544026 Commodity Market is a Market that trades in primary economic region rather than manufactured and created products. There are two types of commodities in the market; Soft and Hard. Soft products are agricultural products such as wheat, coffee, and sugar. Hard commodities are mined such as gold and oil. ]]> 2017-04-09 10:19:42 UTC https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/165544026 kylesengmanyyy https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/166189282 Pareto Analysis is a statistical technique in decision making used for when there are many tasks that are in need of attention. It is used for prioritizing problem solving work so that the first work you do resolved the maximum number of problems.]]> 2017-04-13 02:23:57 UTC https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/166189282 kylesengmanyyy https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/166189780 http://www.economicshelp.org/blog/21435/economics/pareto-improvement/

A Pareto Improvement is present when an economic action leads to a net welfare gain without harming any person and helps at least one person.

An example of this would be making prisoners do community work instead of sitting in a cell for 24 hours. If the prisoners are escorted out to the streets and are asked to pick up litter there would be a pareto improvement because society benefits from them picking up the litter.]]> 2017-04-13 02:31:44 UTC https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/166189780 kylesengmanyyy https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/166189801 https://www.thoughtco.com/commodity-economics-definition-1146936

A commodity is a raw material or agricultural product that can be bought or sold. 

Examples would be coffee, cocoa, sugar, gold, oil etc.]]> 2017-04-13 02:32:00 UTC https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/166189801 kylesengmanyyy https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/166189899 2017-04-13 02:33:32 UTC https://padlet.com/kylesengmanyyy/r15mg5ipn53p/wish/166189899