1.If you owned a business, what would a production possibilities curve tell you? Be specific. What are two factors that could cause your production possibilities curve to shift outward?It will tell me the combination of two commodities(goods, products) that can be produced efficiently with a society's available resources.
2.What is the best way to determine whether or not we are making a rational economic decision?
Create a production possibilities curve to see what to products can earn you profit and determine if the marginal benefit exceeds the marginal costs.
3.Why do companies choose to specialize and trade? What would happen if companies did not choose to specialize?
Companies specialize because they need to get work done faster they get the job done much quicker with certain people working in specicifc groups and they trade so they can satisfy consumers with things they do not have.
4.Include two relevant visuals(based on stadards) with captions that explain their significance to the standard.
Formative Assessment Reflections- How do you feel about your knowledge of this standard? What are two questions that you have about this standard?
I feel I know this standard pretty well, my question is how is specialization and division of labor different
I feel I know this standard pretty well, my question is how is specialization and division of labor different
Dominique,
ReplyDeleteA PPC will not tell you how much you can benefit from two products but how much of 2 products you can produce with current resources.
As for rational decision making, you understand better than most about marginal benefits and marginal costs...apply that knowledge to this question
Specialization and division of labor kind of go hand in hand. When businesses specialize, they choose to produce only certain products and they generally use a division of labor as the method of producing the products.
Dominique,
ReplyDeleteYou did not make the corrections as instructed.