Grade 9 Economics Unit 2 Part 2 9ኛ ክፍል ኢኮኖሚክስ ትምህርት

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Grade 9 Economics Unit 2 Part 2 • 9ኛ ክፍል ኢኮኖሚክስ ትምህርት • Opportunity Cost • In a world of scarcity, a decision to have more of one thing, at the same time, means a decision to have less of another thing. • Thus, the value of the next best alternative that must be sacrificed is the opportunity cost of the decision. • Definition: • Opportunity cost is the amount or value of the next best alternative that must be sacrificed (forgone) in order to obtain one more unit of a product • Opportunity Cost • For example, • suppose the country spends all of its limited resources on the production of cloth or computer. • If a given amount of resources can produce either one meter of cloth or 20 computers, • then the opportunity cost of one meter of cloth is the value of 20 computers • Note the following points about opportunity cost: • It is measured in terms of goods and services but not in terms of money. • It should be in line with the principle of substitution of one activity for another. • To sum up, • When the opportunity cost of any activity increases people substitute other activities in its place. • The cost of producing a quantity of a commodity is measured in terms of the quantity of some other commodity that could have been produced in its place. • In short, opportunity cost comes into being due • to the problem Of scarcity of resources and • the fact that resources have alternative uses • The Production Possibilities Frontier • The production possibilities frontier or curve (PPF/PPC) is a curve, which shows the various possible combinations of goods and services that the society can produce given its resources and technology. • To draw the PPF/PPC we need the following assumptions. • 1. The quantity and quality of economic resource available for use during the year is fixed. • 2. There are two broad classes of output to be produced over the year. • 3. The economy is operating at full employment and is achieving full production • Technology does not change during the year. • Specialization: Some inputs are better adapted to the production of one good than to the production of the other 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