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Author Question: How does the production possibilities frontier show that every choice involves a tradeoff? What ... (Read 61 times)

ghost!

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on: Jun 29, 2018
How does the production possibilities frontier show that every choice involves a tradeoff?
 
  What will be an ideal response?

Question 2

What is social choice?
 
  What will be an ideal response?


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abctaiwan

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Movements along the PPF frontier illustrate that producing more of one good requires producing less of other good. This observation reflects the result that a tradeoff must be made when producing output efficiently.

Answer to Question 2

Social choice is the problem of deciding what society wants. It involves the process of adding up individual preferences to make a choice for society as a whole.


ghost!

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

nathang24

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Reply 3 on: Yesterday
Excellent

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