Public Administration - Municipal BUS400 Lecture Notes - Lecture 2: Product Market

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greenmuskrat329

28 Dec 2017

School

Seneca College

Department

Public Administration - Municipal

Course

Public Administration - Municipal BUS400

Professor

Alan Bastian

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Document Summary

Sacrificing current consumption goods for capital goods leads to economic growth. An increase in the quantity or quality of resources or and increase in technology causes the curve shifts outwards allowing for economic growth. An example of investments in capital shifting the curve outward can be seen by looking at niagara falls and the electric power they generate. Relate to the use of the resources. What types of goods and services are produced. Examines the method or technique of production. Macroeconomics is concerned with aggregates of the economy. Aggregate output: the total value of goods and services produced in the economy. Business cycles: the fluctuations in total output. Unemployment: a condition in which people who are without work and are actively looking for work cannot find jobs. Inflation: a sustained increase in the average level of prices. Cost of living: the amount money required to buy a certain basket of goods and services.

Related Questions

	Could someone please help I am having a hard time figuring out what these are without a graph. I got a few answers but I don;t know if there correct. Thanks !!! A favorable change in expectations occurs within Country X (e.g. consumers feel better about the future) and, as a result, unemployment in agriculture decreases. How does this change affect the PPC of Country X? answer:E? How does the migration of laborers from Country X into Country W affect the PPC of Country X?answer:B?
	How does higher productivity in the harvesting of rye affect the PPC of Country X?answer:H?
	How does improved technology for both wheat and rye affect the PPC of Country X?answer:E?

	How does a sudden decrease in the availability of inputs used in the production of rye affect the PPC of Country X?
	Assume that foreign direct investment increases the capital stock within Country X. How does this change affect the PPC of Country X?
	How does an increase in unemployment affect the PPC of Country X?

A.	Movement from a point inside this PPC to a point that's on the PPC
B.	Movement from a point that's on this PPC to a point inside the PPC
C.	Movement between 2 points, up along the PPC (i.e. toward wheat)
D.	Movement between 2 points, down along the PPC (i.e. toward rye).
E.	Increase (shift outward) in the PPC that affects both goods
F.	Decrease (shift inward) in the PPC that affects both goods
G.	Increase (pivot outward) in the PPC that affects only wheat
H.	Increase (pivot outward) in the PPC that affects only rye
I.	Decrease (pivot inward) in the PPC that affects only wheat
J.	Decrease (pivot inward) in the PPC that affects only rye

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2. Given the following production possibilities table for war goods (missiles) and civilian goods (automobiles), answer the next four questions. (4 points)

Types of Production	Production Alternatives
Types of Production	A	B	C	D	E
Auto (in million)	0	2	4	6	8
Missiles ( in thousands)	30	27	21	12	0

a. Is the PPC a linear line or a curve? Why so?

Note: You may draw the PPC for your own, but no need to submit the graph for this assignment.

b. If the economy is currently at point (or alternative) B, what is the opportunity cost of producing 2 million more autos?

c. Suppose that the economy is operating at a point inside the curve (PPC), not on the curve. What does it mean? Why does it happen?

d. If there is an increase in economic resources, what would happen to the production possibilities curve?

3. Indicate what happens in the denim jeans market if the following occurs? (Your answer should be one of the following: increase in demand, decrease in demand, increase in supply, decrease in supply, increase in the quantity demanded, decrease in the quantity demanded, increase in the quantity supplied, or decrease in the quantity supplied. For some questions, there may be two possible answers, but listing only one is acceptable). Make sure to justify your answer (explain why). (4 points)

a. the new technology that cuts the time to manufacture a pair of denim jeans
b. a rise in the price of a pair of denim jeans
c. a fall in the price of the cloth, used in the production of denim jeans
d. a fall in the price of denim skirts

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16) Which of the following best defines the term business cycle? a) the pattern of short-term ups and downs in an economy the total quantity of goods and services produced by an economic system during a given period the conditions of the economic system in which an organization operates the measure of economic growth that compares how much a system produces with the resources needed to produce it d)

Public Administration - Municipal BUS400 Lecture Notes - Lecture 2: Product Market

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