01-02_task1Econ

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Economics © ACCESS Virtual Learning 2023 Name: Joseph Stephens Date: 11/05/23 School: GSHS Facilitator: Nelson 1.02 Opportunity Costs and the PPF (70 Points) Part 1: Create Your Graph Use the Geogebra interactive graph to complete this assignment. Read the Instructions for Using Geogebra for step-by-step directions on how to use the Geogebra tools. Step 1: Plot each point shown in the table below on the interactive Geogebra graph. Then, use the tools on the interactive graph's toolbar to connect the points and complete the production possibilities curve. Rice Corn 0 9 tons 1 ton 7.5 tons 2 tons 6 tons 3 tons 4.5 tons 4 tons 3 tons 5 tons 1.5 tons 6 tons 0 Step 2: Plot the following points on the interactive graph: • 3 corn, 3 rice (Point A). • 3 corn, 7 rice (Point B). Part 2: Screenshot Your Graph Use the tools on the interactive graph's toolbar to create an image of the finished production possibilities curve. Read the Instructions for Using Geogebra for step-by-step directions on how to use the Geogebra tools. You will need to take a screenshot of your work. See the Screenshots section of the Student Technology Resources site for help if needed.

Economics © ACCESS Virtual Learning 2023 1. Paste the image of the finished production possibilities curve below. Paste your image below: Part 3: Analyze Your Graph Answer the following questions using complete sentences. Use the graph above to help you answer the questions with details and descriptions. 2. Explain how the four economic ideas below are illustrated by the production possibilities curve you graphed above. • Scarcity: There are limits on resource goods. • Opportunity Costs: The potential gain of one thing drops when choosing an alternative. • Efficiency: All items are being used. • Inefficiency: Items are inefficient and are not being used. • Economic Growth: Increase in value through a period of time. 3. What point on the graph is considered inefficient? What does that mean using specific numbers and details from the PPF graph? Write your answer below: Point A is considered inefficient. It is inefficient because it does not touch any other points leaving resources available.

Economics © ACCESS Virtual Learning 2023 Write your answer below: 4. Which point on your graph is considered unattainable (not reachable)? Why is this point considered unattainable? Write your answer below: Point B is considered unattainable. It is considered unattainable because no point reaches 7 tons. 5. Can a country reach a point outside its current production possibilities frontier? Explain why or why not and what economic idea this represents. Write your answer below: I think not. To reach a point outside a countries PPF it would require more resources produced than what is obtainable. This is opportunity costs. 6. How might a country reach a point outside its current production possibilities frontier in the future ? What economic idea might this represent? Write your answer below: Through economic growth a country could reach a point outside its PPF. 7. In your own words, explain the economic principle of “Guns or Butter.” Write your answer below: The decisions countries make about funding more of the military or civilian needs.

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Economics © ACCESS Virtual Learning 2023 Part 4: Apply Your Knowledge Use the Geogebra interactive graph to complete Part 4 of this assignment. Read the Instructions for Using Geogebra for step-by-step directions on how to use the Geogebra tools. You will need to take a screenshot of your work. See the Screenshots section of the Student Technology Resources site for help if needed. Use the table to plot a graph for the production possibilities curve for a teenager who has two choices, working at a job to make money and/or studying to get good grades. Point Hours Study Hours Work A 0 4 B 1 3 C 2 2 D 3 1 E 4 0 F 3 3 G 1 1 8. Paste the image of the finished production possibilities curve below. Paste your image below:

Economics © ACCESS Virtual Learning 2023 Paste your image below: 9. What point on the graph is considered inefficient? What does that mean using specific numbers and details from the PPF graph? Paste your image below: Point G is considered inefficient. It is inefficient because it does not touch any other points leaving resources available. 10. Which point on your graph is considered unattainable (not reachable)? Why is this point considered unattainable? Paste your image below: Point F is considered unattainable. Because the student does not have 3 hours to work and 3 hours to study. 11. Can you reach a point outside your current production possibilities frontier? Explain why or why not and what economic idea this represents.

Economics © ACCESS Virtual Learning 2023 Paste your image below: No. The student does not have enough expendable time to increase time studying and time working. This represents Scarcity. 12. How might you reach a point outside your current production possibilities frontier in the future? What economic idea might this represent? Paste your image below: With economic growth the student can find ways to make time to work and study.

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