Here is the production possibilities table for producing computers and TV’s.
Here is a image you can copy and paste into Google Docs to create a graph in Google Docs. Below is a video on how to use the drawing tool.
How to use Google Docs drawing tool
Here is a link to print free graph paper.
Free graph paper
1. Draw a production possibilities curve for computers and tvs using the data above. You can do this using the drawing too in Google docs or by hand using graph paper. If you do it by hand take a picture of your graph and upload it as a jpg file. Make sure that the graph is clearly labeled.
2. Label the points where the economy would be efficient (A), underutilized (B) and unattainable (C).
USING THE INFORMATION IN THE TABLE ANSWER THE FOLLOWING IN TERMS OF OPPORTUNITY COST.
I am looking for a number.
3. What is the opportunity cost of moving from point A to point B?
4. What is the opportunity cost of moving from point B to point C?
5. What is the opportunity cost of moving from point E to point A?
6) Describe how in a free market economy individuals meet the needs of consumers based on demand. What happens to products that people don’t want or are inefficiently made? Give an example.
7) In a command economy who sets the prices and decides what is made? Describe some of the problems that occur in a command economy. Give an example.
Fill in the Blank: Using the words below.
8) Critics of market economies claim that they result in _______________________________ between the few that are wealthy and the many that are poor. Critics also claim that market economies can lead the __________________________ of the poor in less well off countries and large ______________________________ that stifle (stop) all other competitors.
9) Critics of command economies claim that _______________________________ workers are rewarded because everyone is treated the same. Critics also claim that command economies result in ______________________________ markets that operate outside the view of the government. Further, command economies can not compete with nations with ________________________________ economies because they do not promote entrepreneurship and ___________.
10) Critics of mixed economies claim that they often become too heavily ____and as a result are less competitive than nations with _________________________ economies.
Watch the following video: I pencil
11) Of the total of all the knowledge and skills involved in creating a pencil, how much does any single person contribute to the process, according to the author?
12) The author says that people involved in the making of pencils do not work because
13) They want a pencil. What is the reason they do their work cutting trees, mining graphite,or running a pencil factory?
14) What are some of the examples that the author mentions to show that when people
are left alone, without government interference, they can accomplish amazing things?
15) What is the lesson about freedom and free people that the author wants the reader
to learn from this story?
16) Why is supply an upward curve? Give an example.
17) Why is demand a downward curve? Give an example.
Use the Graph above to answer the following questions.
18) What is the price and quantity of candy bars at equalibrium ?
19) How many chocolate bars will be produced at a price of .80 ?
At this price there will be ________ of candy bars . ( shortage/ surplus)
20) The market will adjust by ______ the price of candy bars. ( raising /lowering)
21) How many chocolate bars will be produced at 1.60?
22) At this price there will be a ______ of candy bars. ( shortage / surplus)
23) The market will adjust by ______ the price of candy bars.
24) Create your own supply and demand graph.
Use the graph provided
Label all axis and lines
Graph all information including equilibrium price.
Take a picture of your graph and upload it to the lesson.
|Price||Quantity Demanded||Quantity Supplied|
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