Essay: Production Possibilities and a new GDP Examine the production possibilities frontier (PPF).

Introduction: The PPF is also known as the production possibility curve or the transformation curve. The production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors. The PPF assumes that all inputs are used efficiently. Factors such as labor, capital, and technology, among others, will affect the resources available, which will dictate where the production possibility frontier lies. Deliverables The essay for this lesson is required to be a minimum of 750 words (excluding title and reference pages) that clearly demonstrate your understanding of the activity. Essays should have a clear introduction, thesis statement and conclusion, written in APA format (APAstyle.org). A minimum of three sources, at least two from the lesson, must be cited in-text and in the Reference list. Activity Details Step 1: Review the following topic material. Khan, S. (2013) Production possibilities curve, Khan Academy, Retrievedhttps://www.youtube.com/watch?v=_7VHfuWV-Qg Beal, D. (2015) An alternative to GDP that factors in our wellbeing TED Institute, Retrieved fromhttps://www.ted.com/talks/douglas_beal_an_alternative_to_gdp_that_encompasses_our_wellbeing Explore additional resource: Production Possibility Frontier (PPF) (PPF)https://www.investopedia.com/terms/p/productionpossibilityfrontier.asp#ixzz5UtsALUD4 Step 2: Write a paper. Write an essay which is required to be a minimum of 750 words (excluding title and reference pages) that clearly demonstrate your understanding of the activity. After reviewing the “Production possibilities” presentation that references rabbits and berries, identify what would be the alternative options to another specific set of products or services, which you can find some "ceteris puribus" scenarios between the two activities. Apply the PPF to something in your life or a project you might have at work. Focus your theme on at least one of these three questions: • How would the availability of resources change the production possibilities for goods and services, in terms of the PPF? • Sketch a production-possibility frontier/curve (PPF) for other goods and services in a specific industry in one country with another. Explain why he PPF would be different in terms of economic well-being, economic sustainability, and GDP growth. • Explain how the concept of "Ceda" relates to the PPF curve and GDP growth. Use these writing guidelines: · Include a cover page and references in addition to your required word count. · Use correct APA format · Double-space text · Use size 12 Times New Roman · Use section headings to organize · Indent paragraphs · Include in-text citations Use correct spelling, grammar, sentence structure and verb tense