ECNS 202 PRINTOUT
8th Edition
ISBN: 9781337096584
Author: Mankiw
Publisher: CENGAGE L
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Question
Chapter 2, Problem 4QR
To determine
Factor market and production market.
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Discuss a way that your family interacts in the factor market and a way that it interacts in the product market.
B. Describe a way that your family interacts in the factor market and a way that it interacts in the product market.
What examples do you have of goods or services that are both consumer goods and resources depending upon the context in which those goods are used?
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- Think about your own life. Maybe you are willing to spend 50 or 60 hours a week between school and work. Maybe you take care of young children and have a lot of home life responsibilities and you only spend 20 hours between school and work. Draw your own personal Production Possibilities Frontier (PPF) for time spent doing school and work. Remember to plot out multiple possible combinations and then draw a line to connect them. Explain where you operate on your PPF and why. What are some of the opportunity costs you have to weigh to determine where you will operate along your personal PPF curve?arrow_forwardanswer quicklyarrow_forwardyou must make decision for one choice, could you discuss what economic principles or concepts that you will use for that choice?arrow_forward
- Everything is made up of the four factors of production. Look at the shirt you have on right now. List the four factors of production and give a specific example of each which might have been used in the production of your shirt. You have to be specific with each factor. You cannot say "resources" or "land".arrow_forwardOpportunity cost Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog.arrow_forwardShannon has decided to spend less time on social media because she needs to improve her grades. What might be the opportunity cost of her decision?arrow_forward
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