Individuals firms governments and countries are faced with

Assignment Help Macroeconomics

Reference no: EM13374418

Individuals, firms, governments, and countries are faced with choices because all resources are scarce. A production possibility curve (see below) measures the maximum combination of outputs that can be achieved from a given number of inputs. In practice economists use a production possibility curve with two goods to explain the concept of opportunity cost.

In the example below the two goods that a country can produce are health care and education.

2152_what is the opportunity cost.png

Use the graph above to answer the following questions:

a. How many units can be produced if a country uses all of its resources on health care?

b. How many units can be produced if a country uses all of its resources on education?

c. If a country is currently producing 11 units of health care and 16 units of education, what is the opportunity cost of producing 5 more units of education?

While a production possibility curve describes the possible combinations of output that can be produced with a given set of inputs, it does not tell us who should receive, and in what amount, the health care and education that gets produced. Write an essay of at least 300 words but no more than 600 words in length that discusses how you would decide to distribute the health care and education that gets produced. Your essay should explain the role of critical thinking and of Saint Leo's core values in making your decision.

Instructions

Please write a logically developed, unified essay that shows your understanding of the subject matter. The essay should be between 300 and 600 words in length. Make sure that you have a thesis (a main point that you are making) and develop it thoroughly and coherently. Use specific examples based on empirical evidence (from direct observation or experience) and clear, standard English.

Reference no: EM13374418

Questions Cloud

A 350- to 700-word topic proposal introducing the topic for : a 350- to 700-word topic proposal introducing the topic for your final project which will be due in week nine. your

Roland barthes has said literature is the question minus : roland barthes has said literature is the question minus the answer. when you consider contemporary society what

Governments have several means available to guide and : governments have several means available to guide and influence competition in the marketplace. these means include

Check the grammarnbspnbsplenovos structure and designsince : check the grammarnbspnbsplenovos structure and designsince lenovo was established in 1984 it had experienced several

Individuals firms governments and countries are faced with : individuals firms governments and countries are faced with choices because all resources are scarce. a production

How to write an essay proposal of 1-2 pgs about any : how to write an essay proposal of 1-2 pgs about any interesting research paper

Unit vi formal writing assignmentusing the illustration : unit vi formal writing assignmentusing the illustration essays you read as examples write a 500-word illustration essay

Over the years the number of different species worldwide : over the years the number of different species worldwide has declined due to extinction for reasons such as competition

Rapid auto has over 200 auto-maintenance service outlets : rapid auto has over 200 auto-maintenance service outlets nationwide. it provides primarily two lines of service oil

User Account

All Pages