how to print barcode in crystal report using vb.net 1: Introduction to Economics in Java

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CHAPTER 1: Introduction to Economics
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best alternative, or that which is given up. This concept is used in both macroeconomics and microeconomics.
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Production-Possibility Frontier
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A production-possibility frontier shows the maximum number of alternative combinations of goods and services that a society can produce at a given time when there is full utilization of economic resources and technology. Table 1.2 presents alternative combinations of guns and butter output for a hypothetical economy (guns represent the output of military goods, while butter represents nonmilitary goods and services). In choosing what to produce, decision makers have a choice of producing, for example, alternative C 5,000 guns and 14 million units of butter or any other alternative presented. Table 1.2
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This production-possibility schedule is plotted in Figure 1-2. The curve, labeled PP, is called the production-possibility frontier. Point C plots the combination of 5,000 guns and 14 million units of butter, assuming full employment of the economy s resources and full use of its technology, as do all of the alternatives presented in Table 1.2. The production-possibility frontier depicts not only limited productive capability and therefore the problem of scarcity, but also the concept of opportunity cost. When an economy is situated on the productionpossibility frontier, such as at point C, gun production can be increased only by decreasing butter output. Thus, to move from alternative C (5,000 guns and 14 million units of butter) to alternative D (9,000 guns and 6 million units of butter), the opportunity cost of the additional 4,000 units of gun production is the 8 million less units of butter that are produced.
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6 PRINCIPLES OF ECONOMICS
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Figure 1-2
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The production-possibility frontier shifts outward over time as more resources become available and/or technology is improved. Growth in an economy s productive capability is depicted in Figure 1-2 by the outward shift of the production-possibility frontier from PP to P P . Suppose a society chooses to be at point C. When the production-possibility frontier shifts outward, 4,000 additional guns can be produced without sacri cing any butter production, as seen at C . This example should not be construed as a refutation of the law of opportunity cost just because fewer sacri ces may be made when growth occurs. When there is full utilization of resources and an absence of growth, additional gun production is possible only when the output of butter is decreased. Points on a production-possibility frontier are considered to be ef cient. Points within the frontier are inef cient, and points outside the frontier are unattainable. Points C and D are ef cient because all available resources are utilized and there is full use of existing technology. Positions outside the production-possibility frontier are unattainable since the frontier de nes the maximum amount that can be produced at a given time. Positions within the frontier are inef cient because some resources are either unemployed or underemployed.
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CHAPTER 1: Introduction to Economics
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Principle of Increasing Costs
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Resources are not equally ef cient in the production of all goods and services, i.e., they are not equally productive when used to produce an alternative good. This imperfect substitutability of resources is due to differences in the skills of labor and to the specialized function of most machinery and many buildings. Thus, when the decision is made to produce more guns and less butter, the new resources allocated to the production of guns are usually less productive. It therefore follows that as larger amounts of resources are transferred from the production of butter to the production of guns, increasing units of butter are given up for fewer incremental units of guns. This increasing opportunity cost of gun production illustrates the principle of increasing costs.
Note!
The principle of increasing opportunity cost is the reason why the production-possibility frontier is bowed outward from the origin of the graph, and not a straight line.
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