Video: Economics USA
Name: ____________________________________
*Though the specific examples used in this Video are quite dated, the issues remain as part of our Economic
and Political Debate today…
Alaskan Lands Example:
1) What is the Trade-Off between Resources and the Environment in the Alaskan Lands Dispute?
2) Why does Economist Richard Gill call the Alaskan Lands Issue one of Limits?
3) What does the Production Possibilities Curve visually represent?
WWII Example:
1) How was the Economy able to see an increase in the production levels of BOTH Guns/Military Good and
Butter/Consumer Goods WITHOUT actually shifting the economy’s PPC?
2) Why did the Economy’s Production Possibilities Curve INCREASE (SHIFT) as a result of WWII?
3) Despite its growth, why did the Economy still eventually face Trade-Offs during WWII?
Textile Mill Example:
1) What are the Trade-Offs involved in the Textile Mill Example?
2) Why is the Textile Mill Example a good illustration of Increasing Opportunity Costs?
Economics USA Analysis
Name: __________________________
Answer the following questions. Give me some depth in your responses.
1) Should we reverse the decision made regarding the Alaskan Lands and more extensively drill there in
order to reduce our dependency on Foreign Oil? Why Yes/No?
2) Given the general low cost of Foreign production, should U.S. Government regulations on domestic business
(i.e. worker safety, wages rates, pollution standards, etc.) be reduced/relaxed in order to entice U.S businesses
to remain in (or return to) the U.S.? Why Yes/No?