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Explain the condition that gives a PPF a bowed outward (concave downward) shape. Identify an example of this law.

Business and Finance

Business and Finance

Explain the condition that gives a PPF a bowed outward (concave downward) shape. Identify an example of this law.

· 1200 words MINIMUM (not including cover/reference pages)

· Requirement is at least three scholarly articles

· ONE the course textbook– Arnold, R.A. (2019). Economics (13th ed.). Cengage Learning.

· TWO or more of the choices using References below.

Kalimeris, P. (2018). Ecce Homo-Economicus? The Dr. Jekyll & Mr. Hide syndrome of the economic man in the context of natural resources scarcity and environmental externalities. Journal of Philosophical Economics, 12(1), 89–111.

Artner, A. (2019). Accumulation of Advantage and Elimination of Scarcity—A Critique of the Neoclassical Approach. International Critical Thought, 9(4), 524–544. https://doi.org/10.1080/21598282.2019.1695532

Albrecht, B. C. (2017). Positive public economics: reinterpreting ‘optimal’ policies. Journal of Economic Methodology, 24(1), 90–103. https://doi.org/10.1080/1350178X.2017.1279741

Malek, N. P., Hall, J. C., & Hodges, C. D. (2016). The relationship between economics and ethics and the effectiveness of normative economics on student attitudes and learning. Journal of Economics and Economic Education Research, 1, 16.

Mert, M. (2018). Measuring economic growth using production possibility frontier under Harrod neutrality. International Journal of Engineering Business Management. https://doi.org/10.1177/1847979018768416

 

For the Unit 1 Complete assignment, write (minimum of 1200 words) which addresses the questions and statements below. When finished, it should demonstrate a thorough understanding of the READ and ATTEND sections. A minimum requirement is at least three scholarly articles,

1. Define the term “scarcity”. Explain how scarcity applies even in a “rich” country like the United States.

2. Contrast positive economics and normative economics? Give an example of each.

3. The person who smokes cigarettes cannot possibly be thinking in terms of costs and benefits because it has been proven that cigarette smoking increases one’s chances of getting lung cancer. Evaluate the part of the statement that reads “the person who smokes cigarettes cannot possibly be thinking in terms of costs and benefits”?

4. Describe how each of the following would affect the U.S. PPF:

(a) a war takes place on U.S. soil,

(b) the discovery of a new oil field,

(c) a decrease in the unemployment rate, and

(d) a law that requires individuals to enter lines of work for which they are not suited.

5. Explain the condition that gives a PPF a bowed outward (concave downward) shape. Identify an example of this law.

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