Microeconomics is like the ocean and macroeconomics is like the fish in it

Exercise 1-2 Possibility Curve

The possibilty curve in economics is used to represent the production possibilities curve. It gives a visual representation of the multiple outputs that can be produced/created. This curve sometimess show what is attainable in the economy. Also what is not attainable, and the factors of underemployment of resources, inefficiency in resource use, or inappropriate use of technology can  also be shown within the economy . 

The possibility curve is quite descriptive and it depicts how much of one product can be produced even while another product being produced. If scarcity of a resource exists production increase of the other product will occur. Scarcity forces choose which involves opportunity costs and something has to be sacrificed or given up.

 I have recently had to make a choice on school and playing basketball at school based on time scarcity. There have been many times in which I struggled last year to manage my time with school and basketball which is why I recently decided to take another year of school with a lightened course load making me stay at school and play basketball for another year. This was due to a scarcity of time but to succeeed in these areas of my life it was a choice that I had to make.

 By returning to my school of Olds College for another year I did lose an opportunity to stay at home at Medicine Hat with my family while going to school.http://krypton.mnsu.edu/~renner/ppc.htm