2012年10月18日
nike lunarglide 3 e.g. capital or nike lunarglide
output of two goods or services
that can be obtained given an economy鈥 current level of resources and assuming
maximum efficiency in production.
The underlying concept of this curve can be extended to any number of goods
or services, though only two can be neatly represented on a two-dimensional
diagram. The assumption of maximum efficiency means that resources are not
wasted in producing the goods and services. To illustrate the concept of oppor-
tunity cost, assume that the two goods are defence equipment and health care
services,nike free running. It should be appreciated that if there are no more resources available,
then to produce one unit more of something means producing less of another
good (there is an opportunity cost). Therefore, if a country should decide to raise
9
CHAPTER 1 路 MACROECONOMICS 鈥?CONCEPTS, AIMS AND POLICY
defence spending and obtain more defence equipment then the curve shows that
this can be achieved only by reducing the resources used in providing health care.
The increase in defence spending is represented by a shift from point D1 to D2
and the fall in spending on health care services as a movement from point H1
to H2 in Figure 1.2. The reduced output of health care is the opportunity cost of
producing more defence equipment. Similar trade-offs between defence equip-
ment and health care services are shown anywhere along the PP curve. The shape
of the curve, incidentally, reflects the fact that as we transfer more and more
resources from one use to another 鈥?health care to defence equipment or vice
versa 鈥?the resulting increase in output (of defence spending in this case) is likely
to decline. This relates to the concept of diminishing marginal returns. This states
that as we apply more of one input (e,nike lunar eclipse.g. labour) to another input (e,nike lunarglide 3.g. capital or
land) then after some point the resulting increase in output becomes smaller and
smaller. Therefore, for example, equal amounts of resources removed from the
defence industry and employed in health care produce an increasingly smaller
addition to the health care output.
It should be noted that since the PP curve shows the maximum production
of defence equipment and health care possible with the available resources,
any production
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that can be obtained given an economy鈥 current level of resources and assuming
maximum efficiency in production.
The underlying concept of this curve can be extended to any number of goods
or services, though only two can be neatly represented on a two-dimensional
diagram. The assumption of maximum efficiency means that resources are not
wasted in producing the goods and services. To illustrate the concept of oppor-
tunity cost, assume that the two goods are defence equipment and health care
services,nike free running. It should be appreciated that if there are no more resources available,
then to produce one unit more of something means producing less of another
good (there is an opportunity cost). Therefore, if a country should decide to raise
9
CHAPTER 1 路 MACROECONOMICS 鈥?CONCEPTS, AIMS AND POLICY
defence spending and obtain more defence equipment then the curve shows that
this can be achieved only by reducing the resources used in providing health care.
The increase in defence spending is represented by a shift from point D1 to D2
and the fall in spending on health care services as a movement from point H1
to H2 in Figure 1.2. The reduced output of health care is the opportunity cost of
producing more defence equipment. Similar trade-offs between defence equip-
ment and health care services are shown anywhere along the PP curve. The shape
of the curve, incidentally, reflects the fact that as we transfer more and more
resources from one use to another 鈥?health care to defence equipment or vice
versa 鈥?the resulting increase in output (of defence spending in this case) is likely
to decline. This relates to the concept of diminishing marginal returns. This states
that as we apply more of one input (e,nike lunar eclipse.g. labour) to another input (e,nike lunarglide 3.g. capital or
land) then after some point the resulting increase in output becomes smaller and
smaller. Therefore, for example, equal amounts of resources removed from the
defence industry and employed in health care produce an increasingly smaller
addition to the health care output.
It should be noted that since the PP curve shows the maximum production
of defence equipment and health care possible with the available resources,
any production
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