"drawing board" on their website. Watch the following video (Click on post title to go to video) and in your post you must do two things.
1) Come up with a legitimate higher order thinking question over material covered in the video.
2)
Provide an answer to someone else's question that they posted. (In your
answer be sure to list whose question it is you are answering.)
3) Once someone's question is answered it is no longer usable by anyone else.
3) Once someone's question is answered it is no longer usable by anyone else.
My Question #1"How is the Economy like Goldilocks?"
63 comments:
Why is declining prices a bad thing for the economy?
Mr. Pye's question: How is the Economy like Goldilocks?
- The economy is like Goldilocks because she didn't like her porridge to hot or too cold it had to be just right and the economy doesn't function at its best when its to hot (high inflation) or cold (declining prices).
The Goldilocks is derived from a story called "The Three Bears". A little girl named Goldilocks finds a house owned by three bears. Each bear has their own preference of food and beds. One of them is always too much in one extreme. One is too much in the opposite extreme, and one is just right. Economy is like Goldilocks because it may be too hot---the demand of a good's market is too high, causing the rise of the price and then decreasing the demand. Finally, it would cause employment. Economy may also be too cold---the demand of a good's market is too low, causing the fall of the price and then decreasing the current demand because people may predict that the price would be lower later. Again, employment happens. Government is trying to make economy be just right. That's why the Consumer Price Index is the most popular of the many price indices.
My question "What happens if the inflation rate is too low?"
Jennifer Shen-- 1st Period
Deja Davis (3rd Period) said...
Why is declining prices a bad thing for the economy?
Because people would predict that the price would be lower later. And then they would not currently buy the good whose price they think would continue to decrease. This cause the decrease of the current demand. Employment happens.
My question "What happens if the inflation rate is too low?"
Kristal Pinto
Period 3
How does high inflation and deflation affect production?
Jennifer Shen(1st Period) said...
What happens if the inflation rate is too low?
Low inflation increases the chances of deflation within an economy. Deflation can be worse than high inflation because deflation could lead to lower consumer sentiments. Which would in turn reduce demands for goods and services. Lower demand for goods and services would create a chain reaction where in production would be cut significantly, which would force companies to lay off individual. This would not be an ideal situation for the economy, since low unemployment is key to a robust economy.
My question: How are the Fed's goals of price stability and maximum employment related?
Kristal Pinto's question: How does high inflation and deflation affect production?
High inflation lowers the purchasing power of people's incomes. As a result, demand decreases, causing businesses to cut back their production.
High deflation makes people think that prices will continue to fall in the future. As a result, they wait to make their purchases. Demand decreases, causing businesses to cut back their production.
Giselle Loh (3rd period)
What are the Fed's options to "absorb" the potential shocks?
Tommy Settlemyre - 3rd period said...How are the Fed's goals of price stability and maximum employment related?
With price stability, inflation is kept under control.This in turn keeps up the level of demand and thusly the level of supply, which allows people to keep their jobs.
Giselle Loh (3rd period)
What are the Fed's options to "absorb" the potential shocks?
- The Feds lower the funds rate, loans , and inflation.
My question is "What is a Interest Premium?"
Giselle Loh (3rd period)
What are the Fed's options to "absorb" the potential shocks?
- The Feds lower the funds rate, loans , and inflation.
My question is "What is a Interest Premium?"
Question: What is an interest Premium?
Answer: An interest premium is the upfront cost that someone pays whenever receiving something on interest. I believe this ensures that the loaner/seller receives some sort of payment up front.
My question: Do you think having an economy where there is such a huge division between classes (wealth wise) is a good thing or a bad thing? Why or why not?
Previous question: Do you think having an economy where there is such a huge division between classes (wealth wise) is a good thing or a bad thing? Why or why not?
It is evident that economic inefficiencies rise in a population with gross inequalities of wealth. Markets for the output of industry and agriculture can become limited if there are too many poor people present within a population.Therefore, this leads to the limitation of the growth potential of the economy. However, some might also argue that excessive wealth produces waste as the rich spend there money on items which are economically inefficient. Thus, this imbalance in the most extreme cases can lead to civil disturbance or revolution. The most famous example of this is the French revolution in which the resentment against the wealthy lead to their death or banishment. Nevertheless, even where the rebellion doesn't succeed the damage to the society may be severe and long lasting.
my questions: Why is it still very difficult to pay off dent even when the prices of products are decreasing?
Saimol Edaparampil
4th Period
My question:
Can bankers still make a good profit if inflation rises in the coming years?
Chaz's question: Do you think having an economy where there is such a huge division between classes (wealth wise) is a good thing or a bad thing? Why or why not?
Answer: I think that having a huge division between classes is not a good thing because the economy will not be in good condition if half of the economy can afford a certain item and the other half cannot afford it because it defeats the purpose of trying to sell as much as you can of a certain item.
Saimol Edaparampil
Zhanna's question:Why is it still very difficult to pay off dent even when the prices of products are decreasing?
Answer: It is still very difficult to pay off debt when the prices of products are decreasing because the money that the local and state government gets goes to other important expenditures. Thus, it is hard to decrease the debt.
Seth Jokinen
4th
What can the fed do to stimulate the economy if inflation is too low?
Previous question: "What happens if the inflation rate is too low?"
There are many downsides to having a low inflation, one of which being that if there is little inflation the economy will not be handling the natural economic "shocks" that happen from time to time. Another reason is that if inflation starts to become deflation, people will start holding their incomes and saving them for the lower and lower prices and thus people will not be spending, production will drop and then unemployment rises.
Saimol's question: Can bankers still make a good profit if inflation rises in the coming years?
Yes. Bankers can invest into foreign countries that are experiencing inflation because there is an excess amount of currency produced, weakening the power of that currency. Bankers from other counties can invest in countries experiencing inflation to earn a larger profit, so yes, bankers can benefit from inflation.
My question: Why is it so difficult to maintain an economy with low inflation?
My Questions: How does the Federal Reserve control the amount of money in the economy?
Khiem’s Question: Why is it so difficult to maintain an economy with low inflation?
Low inflation and well-anchored inflation expectations have also likely enhanced the Federal Reserve ability to respond to the declines in output growth and financial upsets that have occurred. High inflation simply means an increase in price over a period of time; the government wants to keep inflation down as it means prices will not be ridiculously high. This would lead to more consumption and therefore help contribute to economic growth.
Tyler Morris
1st period
My question; Do you think that the government and corporations can create a happy medium where profits are not the highest they could be, but the economy runs smooth and creates an arena of fair opportunity?
Answering:How does the Federal Reserve control the amount of money in the economy?
The federal reserve can offer lower reserve ratios. This is the amount of money a bank must hold in reserve against a loan. This will give incentive for banks to loan more money making it more readily available to the public. Another way is to lend money to the banks in order to allow them to loan more. This is aided by a lower interest rate as well.
With the idea that stable prices equal maximum employment, what are some factors that affect stable prices that affects maximum employment?
Response to Tyler Morris: I do not think that the government will be able to make that happen. A happy medium cannot be created because the economy strives for competition. Without competition there is no innovation. Completion is what drive the country to import and export. It is the root to specialization and comparative advantage.
My question: Why is raising minimum wage bad?
In response to Alvin Mei: Government taxes and subsidies, ceilings, and floors.
What drives the economy to deviate from 'too hot' or 'too cold' to 'just right'?
Caleb Mcleod's question: Why is raising minimum wage bad?
Raising the minimum wage is generally targeted to aiding those in poverty. However, those earning minimum wage aren't usually in poverty. The majority of the poor are unemployed, not earning minimum wage. Another point is that people are paid what they are worth to the company. Higher minimum wages force companies to pay more for the employees that might not be contributing enough for that salary, which could lead to firing some employees. Of course, this depends on how drastic the minimum wage changes.
Katie Snyder, period 3
Daniel Thai’s Question: What drives the economy to deviate from 'too hot' or 'too cold' to 'just right'?
Answer: The factors in our economy that drive us from “too hot” or “too cold”, leaving us at “just right” are the unemployment rate in the nation and the inflation rate. In the 1990’s we had a Goldilocks economy enabling unemployment to remain low, without igniting inflationary pressure.
My question: Would you rather have inflation continue to rise? Or would you rather stop government’s interventions and let the economy play out naturally?
Malohri Amos(3rd period)
Katie Snyder's question
-Would you rather have inflation continue to rise? Or would you rather stop government’s interventions and let the economy play out naturally?
I would rather let the economy play out naturally because if inflation keeps going up people will lose jobs and the world's economy will lose balance
My question - Why does the federal reserve work so hard to keep inflation low, stable ,and predicatble?
Sam Kadakia
In response to Malohri Amos, the fed. reserve works hard to keep inflation low, stable ,and predicatble is because of price stability. Like the Goldilocks analogy, the economy needs to be stable therefore employment is intact and there isn't low production and high unemployment.
My question is "How can interest premium affect employment?"
Amita Batra
4th Period
In response to Sam Kadakia's question, inflation premiums and employment rates have an inverse relationship. The video explains that interest premiums are an additional charge that lenders impose upon loans. As a result, rates become higher, which causes a decrease in the growth of the economy. With higher prices and a fixed amount of money, someone will end up losing his or her job. As a result, the increase in interest premium causes a decrease in employment.
My Question: What do you think would happen if the government did not regulate the economy to stimulate growth?
Amita's Question: What do you think would happen if the government did not regulate the economy to stimulate growth?
My answer: If the government did not regulate the economy, then the economy would run by itself and get to its natural equilibrium. However, there could be the issue of "shocks" affecting the economy, where the government would be helpful to have. Without it, economies would take a longer amount of time to recover from these shocks.
How does human nature affect the way people react to changes in the economy, such as low inflation rates?
Akshay Thakor 4th
Angies question: How does human nature affect the way people react to changes in the economy, such as low inflation rates?
Human nature affects the way people react to changes in economy because each individual wants to be on the side where they do better. ex. When a company signs a deal with another company, both companies are searching for gains. Unfortunately, that isnt always the case. Low inflation suggests an individual to go out and spend money. With the example given, Low inflation is good for the broker. With prices in-fluxing alot. banks will charge higher rates, people will buy less, slow economy, and unemployment will go up.
My question: Why is price stability such a necessity in our economy and how would the economy be without price stability?
Period 4
My question: How can inflation benefit debtors, and how can lenders combat this benefit?
In response to Akshay's question: "Why is price stability such a necessity in our economy and how would the economy be without price stability?"
Price stability is a necessity to the success of our economy because keeping prices stable helps to keep people employed in the long run. Keeping people employed is vital to the economy because if people are making money, they are more likely to spend money. Without price stability, our economy would probably be much weaker because variable prices might lead people to postpone spending or spend less in general.
In response to Eby's Question: Debtors can greatly benefit from inflation. As we learned in class, just because nominal price goes up say $100, that doesn't mean that the real price will go up the same amount. Debtors benefit from inflation because the have to earn less money overall for the same debt. For example, assume a man had a $200 dollar debt with a real price of $150. The works to obtain the $200. Inflation raises the nominal price by $50. Now the debtor is able $50 dollars of the total work that was completed. Inflation gives debtors extra money and takes from lenders. Lenders can combat this by setting inflation standards. For example, if a lender agrees to give someone $100 for 3 years with the condition that inflation be taken into account when the money is collected. By doing this the lender takes into account the inflation and still receives what the $100 would've been worth without the added inflation over time.
My Question: What would happen to the world economy if every country was to all of a sudden try to claim their owed debts?
In response to Jeffery's question, the entire world would be forced to default . Any country with debt would most likely be unable to pay it, and any country in the black as far as budgeting goes would be left with trade partners and fall from a stagnant or falling economy. It would be the worst idea and should never be done, ever.
Should interest rates always be low in order to facilitate new business and economic interests?
In response to Nick's question, yes i do believe that interest rates need to be low for new businesses to be interested in becoming created. For entrepreneurs to look at the economy and realize that they have the ability and the luck to start a new business. When interest rates are low, the banks are getting less money and the people creating new businesses are getting most of the profits, and it is crucial for the economy if it wants to gain.
My question- Why is debt such a necessity in our economy and how would the economy be without debt? (quote George Washington's farewell address and you will win my heart)
Gabriel Camera
4th Period
Answering Abin Joes' question: Why is debt such a necessity in our economy and how would the economy be without debt?
In our economy debt is necessary for two main reasons, one for activity to expand beyond simple barter. two, for economic growth. Here you go Abin.
"As a very important source of strength and security, cherish public credit. One method of preserving it is, to use it as sparingly as possible; avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts, which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen, which we ourselves ought to bear."
GEORGE WASHINGTON, Farewell Address, Sep. 17, 1796
Read more at http://www.notable-quotes.com/w/washington_george.html#DYFVv5Q9ArEvUpHt.99
My question: What is the definition of unemployment and how does it affect our economy?
In response to Gabriel's question: Unemployment is when people are out of work and are actively looking for a job. From a business's perspective, it affects our economy because as unemployment increases, demand decreases, which may lead to companies cutting back and firing workers, thus resulting in more unemployment. From the consumer's perspective, unemployment leads to less spending, which ultimately also ends in more unemployment. The condition of the economy will continue to worsen.
My question: What are some factors the Federal Reserve has to consider when making decisions on controlling inflation/deflation?
Answering Carolyne Lu's question:
The Federal Reserve's goal for the economy is to promote maximum employment and maintain stable prices. The Reserve must prevent inflation as it causes an increase in prices and decrease in demand which results in decreased productivity and eventually unemployment; however, there are dangers of having a low inflation rate as it may prevent government from lowering rates any more to spur growth. Then the they would have to compensate for such low rates by developing special programs.
My question: How does deflation affect overall employment?
My question is, even though both are bad, wouldn't deflation and falling prices be better than inflation?
Ife question: How does deflation affect overall employment?
Deflation lowers employment, because people hold their money, and demand goes down, which lowers production needs, which lowers employment.
Nicolas Alba
Period 3
Do you think we will ever be able to have a low and stable inflation rate for an extended period of time?
Grant Patterson's question:
Even though both are bad, wouldn't deflation and falling prices be better than inflation?
No, because if prices lower, people will stop buying things in order to wait for the lowest price (which could be from days to years). If enough people have this attitude, the economy doesn't get stimulated, lowering demand for products, causing businesses to cut back, and people to get fired.
To answer the question:
Do you think we will ever be able to have a low and stable inflation rate for an extended period of time?
I do not believe it will be good for the economy to have both a low and stable inflation rate for an extended period of time. Similar to what the video suggested, there will be stress on production, and interest rates would come to near zero. With interest rates essentially gone and profits low, the economy will come to a standstill. No progress and no improvement as Mr. Pye and all his classes watch the Russians surpass Americans. So I think an economy will not survive with a low and stable inflation, rather not both, but either a stable or low inflation rate is good for the economy for an extended period of time. But not forever.
Question:Think of the Great Depression. What kind of inflation rate could have resulted in the cause of it and what FDR did with inflation to bring back the economy?
Tori Daniels
3rd Period
To answer the question "what is the definition of unemployment and how does it effect our economy?"
Unemployment is defined as the state of being without a job for a substantial period of time. The unemployment rate can definitely effect the economy in a huge way. The evonomy runs on people ultimately buying things. If people continue to buy consumer goods, the stock market goes up and the evomony runs efficiently. When people are unemployed, they aren't as quick to buy things because of the lacknof money, and thus the economy goes down.
My question: "How can inflation prove to be a positive force on the average consumer, businesses, and the economy as a whole?"
As unemployment goes up, price of good stays the same. Consumer Price Index is the most popular way to get a good estimate of spending from each consumer. This comes up with a rough estimate of how much money has came into the government and also what has been spent by the government. Consumer Price Index makes the economy even in all scenarios. To Tori's question, inflation helps the businesses as inflation occurs the price of an item is raised also.
My Question: What could be another way to control the amount of money in our nation without inflation?
4th period
To answer the question from Joel Jacob: "What could be another way to control the amount of money in our nation without inflation?"
We could possible try to keep the prices stable enough so that everyone who has various price ranges will be able to afford the products. Also, we can try to make sure that the unemployment rate is low.
My question: Why is relative price change considered better than inflation when in both cases the prices are increasing?
"What could be another way to control the amount of money in our nation without inflation?"
Inflation rates that are low may be appealing but its hard to produce. With economy always facing shocks, the best way to control the amount of money is just to spend money in moderation. Spending less can seem to be a adequate outcome, however that can hurt our economy as much as help it. The amount of money one spends is the only way our nation can control our money. The US Treasury is primarily responsible for this and I feel that it's right that they should do whatever possible to control our money without inflation.
My question is: What are interest premiums and what are the results?
"Why is relative price change considered better than inflation when in both cases the prices are increasing?"
Inflation is more involved with the federal government as to relative price change is more concerned with businesses. A rising relative price also, by increasing profit opportunities, entices producers to bring more of the good in question to market.
My question is: What are interest premiums and what are the results?
Prerna Kamnani
Period 1
My answer to Farzad Sunavala
What are interest premiums and what are the results?
When prices are unstable and subjective, lenders will adjust their loan terms to compensate for making a loan in a risky environment where they could lose money. With the unpredictable prices, the lenders fear that they will lose money instead obtaining a profit on the loans they make. Therefore, to offset the risk, the lenders charge more for their loans. The fee they charge for their loans is called the interest premium. When lenders charge interest premiums, rates are higher. When rates are higher, consumers tend to borrow less which leads to a slow economy. The slow economy results in higher unemployment rates.
My question: What are the effects of an economy where the prices of the goods and services are rising rapidly? What are the effects of an economy where the prices of the goods and services are decreasing rapidly?
My question: When prices are increasing why is relative price change considered better than inflation?
Prerna question: What are the effects of an economy where the prices of the goods and services are rising rapidly? What are the effects of an economy where the prices of the goods and services are decreasing rapidly?
When prices and services goes up peoples income with rise too but it doesn't help much because the price will be higher. The same thing would happen and they will probably lower peoples income.
Cortney Corley
To answer the prior question, inflation is an overall rise in prices in everything in the economy. Rising prices with relative goods only pertains to certain goods or services that are similar/relate to each other. Demand may cause increases in prices in a certain market, rather than the entire economy. Relative price change does not take over the entire economy.
Why is it important to educate the people about this cycle of the economy?
Brookley Torres 4th
Question: When prices are increasing why is relative price change considered better than inflation?
Answer: Inflation refers to the drop in purchasing power that results when a central bank produces more money than the public wants to hold. Price changes do not refer to a monetary phenomenon and instead refer to the ebb and flow of the rise of various prices because of the supply and demand of certain items. This would be better for the economy because the increasing price change shows important information about the scarcity of certain goods and services.
My Question: According to the video what would be the optimal economy?
Brookley Torres 4th
Cortney's Quesiton: Why is it important to educate people about this cycle of the economy?
So that people can understand why prices go up and down and understand the hardships of our day to day lives to keep the economy going. If we have a better understanding of the economy it may be able to flow smoother in the future.
My Question: According to the video what would be the optimal economy?
Chaz's question: Do you think having an economy where there is such a huge division between classes (wealth wise) is a good thing or a bad thing? Why or why not?
Answer: I believe that a huge division between classes is not a good thing due to the goal of our constitution to increase societal welfare and promote public health, but I am a strong believer in having a distinguished upper class in order to create jobs and stimulate the economy.
My question: In your opinion, would a higher or lower minimum wage be better?
Alexander Pappan
4th Period
Question:According to the video what would be the optimal economy?
The optimal economy would include steady economic prices as well as high employment rates. When prices get too high or too low, inflation begins to become erratic and that is what sends the economy into shock.
My Question: What does the federal government do to spur economic activity?
Matt Louis
3rd.
-If it weren't for the Federal Reserve how bad or unstable could our economy get?
The optimal economy would be one with low interest rates, low unemployment, and no inflation. Thankfully we have the Federal Reserve to act as a safety net for the economy.
Anthony Chenevert
3rd Period
Alexander's question:According to the video what would be the optimal economy?
Pareto efficiency, or Pareto optimality, is a state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off. Given an initial allocation of goods among a set of individuals, a change to a different allocation that makes at least one individual better off without making any other individual worse off is called a Pareto improvement. An allocation is defined as "Pareto efficient" or "Pareto optimal" when no further Pareto improvements can be made.
My Question: How does optimal economy limit the economy?
Per.1
Anthony's Question: How does Optimal Economy limit the economy?
Optimal Economy, which causes the allocation of goods to be only shifted in the favor of one person if it is shifted unfavorably for another, can limit the Economy by furthering the gap between the classes. The lack of money in the lower classes due to few resources causes government to attempt to restore balance. This balance would not be disturbed if the optimal economy hadn't shifted favorably toward the higher classes. However, it can go both ways, causing business owners to increase production of their products due to more resources in their position. However, this will cause a surplus of items and not enough buyers.
My question: How can inflation both positively and negatively effect the loaning and borrowing system?
Mackenzie's question: How can inflation both positively and negatively effect the loaning and borrowing system?
Inflation will have a positive effect on borrowers because the decreasing interest rates associated with inflation will make borrowing cheaper, resulting in more money being saved.
Inflation will have a negative effect on savers because the decreasing interest rates associated with inflation will mean less interest being earned on their savings.
What is constrained pareto efficiency?
(1st)
Jeffrey asked- What is constrained pareto efficiency?
-Answer: The condition of Constrained Pareto optimality is a weaker version of the standard condition of Pareto Optimality employed in Economics which accounts for the fact that a potential planner (i.e. the government) may not be able to improve upon a decentralized market outcome, even if that outcome is inefficient. This will occur if he is limited by the same informational or institutional constraints as individual agents.
-Question: What happens when a consumer has less purchasing power?
Caleb Bledsoe - 3rd period
In reference to Stephanie's question:
When the consumers have less purchasing power:
1. You spend less because you can't afford to purchase goods.
2. If you can't afford to purchase goods then businesses begin to fail.
3. If businesses begin to fail then they can't afford to produce goods or pay wages to their employees so the employees lose their jobs and this causes the entire economy to suffer because the government will have to start supplying services for those who can't make ends meet.
My question...
Why are low inflation rates so difficult to produce?
My question: If someone is in debt, how might deflation be bad for them?
Stephanie Leal asked "What happens when a consumer has less purchasing power?"
- If a consumer has less purchasing power, then they would not buy as much stuff as they use to which results in less spending which leads to less profits which will lead to employment which will ultimately lead to an economic downfall.
To Caleb's questions, low inflation rates are difficult to produce because since demand and spending is so high, it can be difficult to produce low inflation rates which cause decrease in demand.
Allen Jose
1st period
justin johnson asked "If someone is in debt, how might deflation be bad for them?"
It is bad for them because of the fact that deflation in the reduction in value of a currency and therefor a man in deflation will have to work harder or make more money to pay back his debt.
Is inflation good or bad for paying back debt? explain
3rd Period
Who decides what goods/services will be produced and sold in the United States?
Allen Jose's Question: Is inflation good or bad for paying back debt? Explain.
It is bad for paying back debt while a inflation is active because much of the money is not worth the same amount as it was when the individual asked for the loan.
My Question: What does price stability mean in terms of loans and growth in the economy?
Who decides what goods/services will be produced and sold in the United States?
In a mixed economy, such as the United States, producers, consumers and businesses control what will be produced and sold. The government controls part of what is produced and sold and supply/demand controls the rest.
What does price stability mean in terms of loans and growth in the economy?
When prices are stable, consumers are more confident in the value of their money, less likely to save it (like an investment), and more likely to purchase things and grow the economy. The same principle goes for loans, if price stability keeps fluctuating, the value of someones loan may not be worth as much the next day and therefore people are more likely to not take a loan out lest they lose money in the long run.
My question is: On the employment side of this issue, what can be done to end the waiting attitude some may have during a recession and encourage spending?
saira sultan pd. 3
question: how does inflation impact our economy?
answer to joshua connor: price stability means that inflation is low and stable, as well as giving the economy a better growing opportunity.
Mansi Inamdar
1st Period
Saira Sultan's wuestion: How does inflation impact our economy?
-Due to price increases the consumers purchasing power goes down if wages are not adjusted to these increases. Because of that, companies will earn less revenue by selling less output and this can cause an increase in the unemployment rate.
My question: If you were a business owner, how will inflation impact you?
Period 3
If you were a business owner, how will inflation impact you?
If I was a business owner, the number one item purchases is resources. If we are experiencing inflation, foreign goods tend to cost a little bit less so imports increase. I would have to complete with foreign businesses who might have a more advantageous cost. Also I would have to reduce the employee's income in order to pay for the wages. Basically competition and wages go to hell.
How might the production curve (graph showing two products production and opportunity cost) might be related to supply shocks?
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