$11$:$05$

$42$

Done Arnold Chapter...

$14.$ What question$($s$)$ do you have after watching the video about "investing $"$ on educa

Chapter $2.$ Production Possibilities Frontier $($PPF$)$ Framework: $P$

Name$/$l$.$D$.$ Number:

Part $2.$ Matching: Match the Key terms in Column $"$A$"$ with the definitions in Co in the space provided under column $"A"$ and match the definitions in column $"E$ or formulas in column $"C"$ by writing the lower letter case of your choice in the

Column $"$A$"$

Production

Possibilities

Frontier $($PPF$)$

Law of Increasing

Opportunity Costs

Productive

Efficient

Productive Inefficient

Technology

Comparative

Advantage

Column $"$B$"$

A$.$ The body of skills and knowledge involved in the use of resources in production. An advance in technology commonly increases the ability to produce more output with a fixed amount of resources or the ability to produce the same output with fewer resources.

B$.$ The condition where less than the maximum output is produced with the given resources and technology. Productive inefficiency implies that more of one good can be produced without any less of another being produced.

C$.$ The condition where the maximum output is produced with the given resources and technology.

D$.$ As more of a good is produced, the opportunity costs of producing that good increase.

E$.$ The possible combinations of two goods that can be produced in a certain period of time under the conditions of a given state of technology and fully employed resources.

F$.$ The situation where someone can produce a good at lower opportunity cost than someone else can.

Name$/$ I.D$.$ Number:

Chapter $2.$ Production Possibilities Frontier $($PPF$)$ Framen

Part $3.$ Discussion Questions and Problems.

Sec

$1.$Describe how each of the following would affect the U$.$S$.$ production possibilities frontier $($PPF

$($a$)$ an increase in the nimher of illanal imminrants anterinn the muntru