1. A. Economics different than other social sciences. Explain why using John May
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1. A. Economics different than other social sciences. Explain why using John Maynard Keynes's definition and why does the frustrate hard scientists like biologists, physicists and chemists? The quantity of Food that must be given up in order to produce an extra House is called the opportunity cost of producing the additional House. Complete this chart which shows the opportunity cost of moving resources away from Food production in order to produce more Houses tons of Food A->BThe opportunity cost of the first House is B >CThe opportunity cost of the second House is C-DThe opportunity cost of the third House is D->EThe opportunity cost of the fourth House is E ->F The opportunity cost of the fifth House is tons of Food tons of Food tons of Food tons of Food A producti s that can be produced in a given period of time if all resources are used fully and efficiently Economists use the PPF (also called the "production possibilities curve" or "PPC") to indicate the output a country has the potential to produce in one year ion possibilities frontier (PPF) shows the various combinations of goods and service Here are combinations of Houses and Food that the town of Tingville can produce in one year. Combination Houses Food (tons 75 70 60 45 25 0 0 4 C. Explain why it is unlikely that the Earth will be overpopulated by humans in 100 years. D. Assume the projection in this graph comes true. If the US government reduces legaland illegal immigration, draw a change to the US PPF (use the guns vs. butter) model.Explanation / Answer
A) Economics deals with human behaviour unlike other branches of social science . The state of the economy depends on many factors such as aggregate demand as pointed out by Keynes . The sucess of an econmic policy depends widely on human acceptance and behaviour or attitude towards that policy .
1) The opportunity cost of the first house is = 75 - 70 = 5 tons of food .
2) The opportunity cost of the second house is = 70 - 60 = 10 tons of food ( 10 tons of food needs to be given up .
Similarly , opportunity cost for third house is 15 tons of food ; for fouth house is = 20 tons of food ; for fifth house = 25 tons of food .
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