Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 160 views

    Pretest: Gine Bert Fariñas Palabrica

    Uploaded by

    Gine Bert Fariñas Palabrica
    1. The document discusses key concepts relating to economic systems and production possibilities frontiers. It provides examples of different economic systems - traditional (Haiti), command (Cuba), market (Hong Kong), and mixed (Sweden). 2. An activity demonstrates how a production possibilities frontier shows the combinations of goods an economy can produce with limited resources. Inside the PPF is efficient, while outside is unattainable. 3. The wrap-up defines the four economic systems and production possibilities frontiers. It also discusses opportunity costs and how trade-offs are important when making decisions in daily life and business.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Pretest: Gine Bert Fariñas Palabrica

    Uploaded by

    Gine Bert Fariñas Palabrica
    160 views3 pages
    1. The document discusses key concepts relating to economic systems and production possibilities frontiers. It provides examples of different economic systems - traditional (Haiti), command (Cuba), market (Hong Kong), and mixed (Sweden). 2. An activity demonstrates how a production possibilities frontier shows the combinations of goods an economy can produce with limited resources. Inside the PPF is efficient, while outside is unattainable. 3. The wrap-up defines the four economic systems and production possibilities frontiers. It also discusses opportunity costs and how trade-offs are important when making decisions in daily life and business.

    Original Title

    AppEcon Q3 M5

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. The document discusses key concepts relating to economic systems and production possibilities frontiers. It provides examples of different economic systems - traditional (Haiti), command (Cuba), market (Hong Kong), and mixed (Sweden). 2. An activity demonstrates how a production possibilities frontier shows the combinations of goods an economy can produce with limited resources. Inside the PPF is efficient, while outside is unattainable. 3. The wrap-up defines the four economic systems and production possibilities frontiers. It also discusses opportunity costs and how trade-offs are important when making decisions in daily life and business.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    160 views3 pages

    Pretest: Gine Bert Fariñas Palabrica

    Uploaded by

    Gine Bert Fariñas Palabrica
    1. The document discusses key concepts relating to economic systems and production possibilities frontiers. It provides examples of different economic systems - traditional (Haiti), command (Cuba), market (Hong Kong), and mixed (Sweden). 2. An activity demonstrates how a production possibilities frontier shows the combinations of goods an economy can produce with limited resources. Inside the PPF is efficient, while outside is unattainable. 3. The wrap-up defines the four economic systems and production possibilities frontiers. It also discusses opportunity costs and how trade-offs are important when making decisions in daily life and business.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Gine Bert Fariñas Palabrica

    12 – PISCES
    Applied Economics
    Quarter 3 – Module 5: Economic System and Production Possibilities Frontier

    PRETEST
    1. C
    2. B
    3. A
    4. D
    5. A

    RECAP
    1. RENT
    2. ELECTRONICS
    3. RESOURCES
    4. PROFIT
    5. WHAT TO PRODUCE
    6. BANANA
    7. INTEREST
    8. ENTREPRENEURSHIP
    9. CAPITAL
    10. FIXED CAPITAL

    ACTIVITIES

    Activity 1: Economic System

    Traditional Command Market Mixed


    Haiti Cuba Hong Kong Sweden

    Haiti has a largely Cuba has a command The economy of Hong Sweden is a
    traditional economic (centralized) economy. Kong is a highly competitive mixed
    system in which most The state controls all developed free-market economy featuring a
    of the economy relies means of production, economy characterized generous universal
    on subsistence and the government by low taxation, welfare state financed
    farming, and sets priorities and almost free port trade through relatively high
    government regulation emphases in economic and well-established income taxes that
    is widely constrained. development. international financial ensures that income is
    Haiti’s economy market. Its economy is distributed across the
    system is based on governed under entire society.
    customs, history and positive non-
    time-honored beliefs. interventionism, and is
    highly dependent on
    international trade and
    finance.
    Activity 2: Production Possibilities and Frontier

    A.
    EBP Construction
    (Production Possibilities Frontier)
    9080
    80
    70 63
    Cement ('000 units)

    60
    50 44
    40 30
    30
    20
    7
    10 0
    0
    0 10 20 30 40 50 60 70 80 90
    Plywood ('000 units)

    B. The PPF is a straight line because MRT is assumed as constant. Same amount of commodity is
    sacrificed to gain an additional unit of another commodity. It is assumed that all resources are equally
    efficient in production of all goods.
    C. Point G inside the PPF is an inefficient point. Point G is attainable, but it’s not using the resources
    at the fullest. At point G, if goods are used at full capacity, the economy could be at any point,
    meaning more would be produced.
    D. Point H outside PPF is unattainable. Point H could be attained only if goods increase and the
    economy shifts its PPF to the right. Such movement is considered an economic growth.

    WRAP-UP

    1. The four types of economic system: traditional economy;


    command economy; market economy;
    and mixed economy.
    2. The Production Possibilities Frontier (PPF) shows the combination of goods and services that can
    be produced and those that cannot given the resources.
    3. In daily life, opportunity costs are the benefits or pleasures forgone by choosing on alternative over
    another. The necessity of making trade-offs alters how we feel about the decisions we face. One of
    the most important areas where we need to pay attention to tradeoffs is when we make decisions.

    VALUING

    This situation implies that the more a student gives time to


    his study the more he or she will gain the marks that he or she deserves or she/he may get a higher
    mark. This type of logic somehow also exists in real life like when starting a business, the more that
    the owner was taking her/his time to establish the business the more it will pay off by making more
    profit but in studying the profit was the mark that was given by the teachers. This teaches that you
    have to sacrifice something like your excess time if you aim for a high great you have to work hard
    for it.

    POSTTEST

    1. Economic System
    2. Command Economy
    3. Market Economy
    4. Mixed Economy
    5. Traditional Economy
    6. Bartering
    7. Trade-off
    8. Opportunity Cost
    9. Production Possibilities Frontier
    10. Efficiency

    You might also like