Economics Assignment
Submitted to Sir Majid
Submitted by
Zakir khan
ID = CU-1972-2021
Question no 1: Give three example of important of tradeoffs that you face
in your life. Explain briefly and justify your answer.
Answer:
Definition:
The definition of tradeoff is an exchange where you give up one thing in
order to get something else that you also desire.
Three examples of tradeoffs in my life
1. I always felt I could make a living by writing, but needed to learn
the basics of doing so professionally, and to learn about the great
writers of the past. This would take time and effort, but I did it
anyway, by taking college courses and writing as much as I could
in my spare time. This meant less time for hanging out with friends
or watching TV, but it was a trade-off I wanted to make.
2. For a long time, I enjoyed walking and cycling, and I still do, but
only when necessary. I do less of each now because I took up
running a couple of years ago and I wanted to get in better shape. I
also found that I wanted to improve at running, so I took extra time
from my routine elsewhere to run for longer. This could mean less
time reading the newspaper or preparing an elaborate meal, but it
was a sacrifice I was happy to make to improve my running times.
3. Talking of food, an obvious example of a trade-off is dieting. Most
of us enjoy junk food of some sort, but we know it's bad for us and
can led to putting on weight. I don't want that to happen, so I eat
food now I wouldn't have been so keen on in the past. Twenty
years ago, I never thought I'd ever be eating so many tomatoes! I
also have an ambition to find work as a life-model, and it's a
simple fact that the better shape you are in, the likelier you are to
get a booking. So, no more potato chips for me.
Question no 3: What are some of the important application of economics
in the field Software Engineering? What is your take on the notion that
resources are scarce?
Answer:
Economics Is important in every subject whether it is software
engineering. Software Engineers with good sense of economics can plan
thing according to their good project. Calculating profits and loss,
calculating scarce of resources, Calculating Manpower, and its
implications. Also, Economics help us to calculate the budget in order to
complete the projects keeping in view of the demand presented by the
clients. In making a software certain servers, APIs and people need to be
hired in order to complete the project, if we have no knowledge of
economics we could have a huge loss.
Question no 4: What Is Production Possibility Frontier (PPF)? Explain
Why Productivity Is Important in The PPF?
Answer:
Production Possibility Frontier (PPF)
In business analysis, the production possibility frontier (PPF) is a curve
that illustrates the possible quantities that can be produced of two
products if both depend upon the same finite resource for their
manufacture.
PPF also plays a crucial role in economics. It can be used to demonstrate
the point that any nation's economy reaches its greatest level of
efficiency when it produces only what it is best qualified to produce and
trades with other nations for the rest of what it needs.
Importance of PPF in Today’s World
Every day it becomes more evident that the needs in the world are
endless and with limited resources it is necessary to invest them
efficiently or the collapse of society will be imminent. Many wellknown scientists assure that it is necessary to get where to extract new
resources, such as minerals and water in the next hundred years so that
the planet earth does not condemn.
This is where the PPF appears, since it helps to predict which the best
way to invest the resources is. We must take into account different
factors that we have already mentioned.