Macroeconomic questions Essay
1. In America heavy-duty street cleaning machines driven by one person because the government is able to effort to play the machinery. In other countries they don’t have the resources to invest there money in machinery and they have people cleaning with brooms. Labor is cheaper then paying a machinery and spending money on gas as well. 2. The basic question facing any society does technology that play the greatest role, “How are these goods and services to be produced?”. Technology plays one of the biggest roles because goods are produced with machinery. 3. PPF that is concave shows a more genuine production possibilities and the PPF is bowed out from the origin because opportunity costs rise and more factors are used. 4. Unemployment is shown on the PPF by the line shifting to the left due to the fact that the production would decrease.
5. Three factors that can contribute to an economy’s growth would be increasing labor, increase in population, and capital accumulation. 6. A country would still be able to benefit from trade because they can produce goods at a lower cost and be able to use inputs of other products of which they traded. 7. 7. The main concept of the video was mainly specialization. This is how things have improved in productivity; it displays that everything in the world plays propose. The video used an example of making hamburgers, the restaurant has employees and each has there own job, with everyone doing they’re jobs hamburgers are produced faster and more efficiently. The employees are basically the motor of the restaurant, which make them an important factor.