Explain how the following can be represented in a PPF framework: (a) the finiteness of resources implicit in the scarcity condition, (b) choice, (c) opportunity cost, (d) pro-ductive efficiency, and (e) unemployed resources.

See the explanation below and the attached file.

Explanation:

Production Possibility Frontier (PPF) is the locus of combinations of two goods that can be produced from the given or fixed amount of resources or technology available.

Based on this definition, of the points are explained using the attached file as follows:

(a) the finiteness of resources implicit in the scarcity condition

Scarcity condition means there is finite or limited resources which limit the number or amount of things we can have or products we can produce. Production Possibility Frontier (PPF) therefore represents this scarcity. PPF therefore shows the region that is attainable and the region that is not attainable. In the attached PPF, any points A and B on the PPF are attainable while point D is not attainable given the available resource.

(b) choice

Choice refers to making decision on various combinations of two goods represented by the PPF. From the attached PPF, for example, points A or B represents the combinations of goods we can choose.

(c) opportunity cost

Movement from one point to the other like from point A to B on the attached PPF shows opportunity cost. For example, moving from point to B give us more consumer goods at the expense of less or given up some capital goods.

(d) productive efficiency

Any point on the PPF such as A or B represents productive efficiency, while any point below the PPF such as C in the attached PPF represents productive inefficiency.

(e) unemployed resources

Unemployed resources imply that the available resources are not being fully utilized. This occurs at any point below the PPF. In the attached PPF, point C which is below the PPF shows that resources are not being fully employed.

hi i’m a student too and i’ve had this app downalodes for a few weeks people do answer it you just gotta be patient and what is your question + subject i’ll you?

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know