My two competing outputs in my life are football and work. I play college football at Kentucky Christian University and the off-season seems like it is more work than during the season. But I also am getting married so I often have to balance my job working at a furniture store and my training. I’m going to say two hours of work or two hours of training. My job is obviously going to be labor and my training human capital. My first option is to work two hours so the number of delivery’s in two hours is probably 8 “goods produced”. Option #2 is to train for two hours, I am going to do accumulated reps worked instead of specific workouts I do. I can probably do 80 reps including sprints, lifting, push-ups etc.
Okay so if I decide to split my time up evenly I can work for 1 hour and train for one hour so the outcome of that would be 4 delivery’s made and 40 reps worked. This would be a fair trade off but my focus right now is not so much money so if I feel the need to train more I can in spite of my work. But at times money might be tight and I might need to pick up a couple extra deliveries and that is going to dampen my training. If I am short on cash I can work an hour and a half and train for 30 mins. I would be able to get 6 deliveries but only 20 reps of training.
The Production Possibility Curve chart is attached to the word document I had a hard time trying to make it in word so I used Microsoft paint. I labeled everything according to the directions and every possibility on the chart. I balance my time equally so I labeled that as well. Sorry if it is a little messy but I didn’t know how else to do it.
1) Contrast the differences between a market system and command economy. Describe at least
Three distinguishing characteristics.
The main difference between the two is that the market system (capitalism) has private enterprises. The command system (communist) is much more controlled by the government. But in capitalism the...