Tuesday, January 28, 2020
Production possibilities Essay Example for Free
Production possibilities Essay The production possibility frontier PPF is a curve that shows all efficient combination of output in an economy when the factors of production have been used efficiently and optimally. (Lipsey et al 355). Assume an economy produces 2 goods (x and y) and technology is fixed and resources are fully utilized.            To produce more units of x means that more resources will be transferred and less output of Y will be produced. The reverse is also true as production of more units of y reduces the production of X units. To produce more units of X may require that labor be increased. This reduces the labor for Y produced. Increasing the production of one good translates to increased ‘sacrifice’ or cost. The opportunity cost of producing X in terms of Y increases with the production of more ‘X’ commodity and consequently lesser units of Y are produced.  The opportunity cost increases as more of ‘X’ or ‘Y’ units are produced because although some resources may be suited for the production of both commodities some may not be efficient. For instance, diverting all laborers in X production to Y production may not yield effective results. To obtain 3 units of Y (1) unit of X is given off.            The production possibilities frontier is based on some assumptions. There are two goods or commodities in the economy and it shows the trade offs between them. It assumes that common resources are used in the production of the two commodities. There is fixed technology. Technological changes could influence the production of one good over the other. There is full employment and fixed resources. These assumptions would be more applicable in the short run as opposed to the long run. (Lipsey et al 368). Production along the curve is termed as efficient. Therefore point d, c and e are efficient points of production operating within the economy’s capacity or at optimal. Production at point (a) is attainable but inefficient. Such combination is less than what the economy is capable of producing. Resources are not optimally utilized and hence the inefficiency. Production at point (b) is attainable given the economy’s capacity.      Land, labor, capital and entrepreneurship are the common or most recognized factors of production. Land entails natural resources that are at times modified and contribute to the production processes. Land varies in terms of its fertility. It is fixed but can be improved or renovated for instance swampy areas. (Lipsey et al 400). Labor or human capital is also an important factor of production. Labor is the human resources or people who work. They include professional engineers or technicians capital includes ‘building machinery and tools. Labor is human be it effort be it mental or physical capital is man-made goods. People have varying skills and expertise resulting to varying wages and salaries. Labor can be improved through training. Capital is mostly used to refer to ‘financial ability’ but it includes the equipment or machinery that have to be put in place for successful production of goods. Entrepreneurship refers to the risk takers who operate businesses. They receive profits as laborers receive wages.      The PPF is a downward sloping curve due to the principle of increasing costs. (Lipsey et al 370). Increasing the production of X leads to a decline in the production of Y. It is concave to origin.      Production at point (b) can only be possible when the economy experiences growth, which could be due to various factors. Increased supply of resource for instance discovery of oil would increase the supply of natural resources as an increase in population due to migration would increase labor. Improvement in technology could lead to a more efficient and effective means of production that could shift the PPF outwards.      Point (b) lies outside the PPF and the economy needs to increase its efficiency, factor resources or improve on the technology. Similar goods have a downward sloping straight line PPF showing that the opportunity cost between them is constant.      Point (a) shows that some resources are unemployed and thus wasteful. An economy could be operating at this point if some of its resources are lying idle or if the resources are being used inefficiently in production.      Using previously used inefficiently resources efficiently as well as employing previously unemployed resources would also help an economy produce at ‘b’. Operating on the curve means that resources are used effectively to producing along the curve is better for the economy. Works Cited: Lipsey, Richard and Ragan Christopher. Microeconomics. Toronto, Addison Wesley Longman. Tenth Edition. 2001.p 355-450
Monday, January 20, 2020
Ancient Romes Animal Cruelty for Entertainment :: essays research papers
â€Å"The Romans are often characterized as loving violent and cruel entertainment in the amphitheatre. It has been suggested that the games served the dual purpose of providing entertainment for the people and maintaining the political status quo.†In today’s society, the killing of humans and animals usually means a jail term, and seeing someone die is not something people go and see for fun. Violence was glorified in Rome hundreds of years ago. All the crimes they committed were condoned, accepted and glorified. There were four different genres of such entertainment in the games held in amphitheatres (Amphi-theatres are outdoor arenas. "theatres in the round": Amphi- meaning "round" in Greek.) : Gladiatorial combat, the theatrical execution of foreigners, beast shows, as well as chariot racing. Watching someone or a beast kill another was applauded for the method, skill, or artistry used in the slaughter. The games themselves provided ways for Rome to demonstrate the power of their empire, as huge investments of wealth, time, and emotion was put into the games. Death became a spectator sport with the viewers and the viewed both contributing to a wild and gory performance. Already by the late Republic magistrates were spending huge amounts of money on these games. The Latin word for gladiatorial games is Munus which means obligatory offering. This reflects the origin of these games as funerary offerings to the dead. While magistrates in the Republic may well have put on ga mes to gain popular favour, this was in their private capacity and not as magistrates. Only gradually did the gladiatorial shows come to be assimilated with the games put on by magistrates. While the most popular games were 'chariot racing' and simulated naval battles, fights in the amphitheatres, shown in these mosaics include gladiator V gladiator, gladiator V animal (pic 2) and animal V animal, were a common feature. Less common, but not infrequent was the release of wild beasts from the pits into the arena where hundreds of criminals had earlier been positioned. These spectacles all deeming to be very entertaining to spectators. Throughout the history of the Republic, there was a difference between the gladiatorial contests and other forms of spectacular entertainment. The Romans did not invent the concept of gladiatorial fighting; there is some uncertainty as to the exact source. One ancient source says it was the Etruscans, a non-Indo-European people who lived directly north of the Romans.
Sunday, January 12, 2020
Engineering Is a Very Important Part of Our Society Essay
Engineering is a very important part of our society, both now and in the past. It is a major that opens a wide variety of career opportunities for you after college. Engineering is what keeps our nation moving and up to date with technology. It is a very strong appealing major in college due to the amount of average income, and also it appeals to many individuals likes in a career. It has the highest paying income straight out of college, and that increase in pay usually does not stop, it just keeps increasing. Another appealing aspect of a career in engineering is the possibility to work for a foreign company, and no matter where you live in the United States, your income never decreases due to the other local income. It is a rewarding career, both financially and mentally. This is one of those careers that you feel a great deal of self-worth after completing an assignment, or creating something new and improved to keep up with technology. It is a major that requires more time and effort than most other majors. You need to apply yourself or you will just fall behind and most likely just drop the major all together. Whether you choose general engineering or a more difficult division such as mechanical or To become a successful engineer is to ensure a spot in our future. Almost every type of engineering will be required to run our world, now and in years from now. Engineering is very important aspect of our working world. It keeps us going and up to date with technology. Without engineers, there would be no moving parts, which means no cars, planes, video games and anything else you can think of that requires moving parts to operate. Over all engineering is concerned with technology and keeping the world going. In the future, near or far, engineering most definitely has its place in our world. If the future holds a few big technological advances or a lot, engineers will still be there making sure everything runs smooth and properly. A world without engineers could only exist if everything made, was made to perfection and would never fail or break down. For now, we need to keep putting out successful engineers into our working world, and make sure that there is a future. l or aerospace, your major is the most difficult one you can choose. I recently interviewed Jack Byrd, an engineering professor at West Virginia University, on Mechanical Engineering. The interview detailed the importance of engineering and the process he went through to be where he is today. This interview would be an insight to anyone who has the slightest interest in engineering or becoming an engineer and what it takes to become a successful engineer. After college is where your education really takes its part in your life. Even though your schooling is over, it plays one of the biggest roles in all your opportunities after you graduate. Once you get your resume around, you have many possibilities and opportunities ahead of you to choose The world is changing rapidly. From the Stone Age to the Iron Age today we are living in an ultramodern era where things which were not even thought of earlier have become vital necessities in our life. For example, light in those ages was to be got only from sun for a limited part of day. But now we have electricity for all time use. Thanks to Thomas Alva Edison who by inventing electricity illuminated the whole world.
Saturday, January 4, 2020
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