It seems obvious that Georgia's production possibilities decreased due to Hurricane Irma. How do production possibilities curves show tradeoffs? Hurricane Irma, a lesser known 2017 storm, will have a lasting impact on Thanksgiving pecan pies. What is your favorite Thanksgiving dessert? Pumpkin anything is hugely popular with most of us but in the South pecan pie is the popular choice.
Climate catastrophes have serious economic impacts and in ways you may have never previously considered. Hurricane Maria hit in September 2017 and as of June 2018, the death toll is estimated at nearly 1,500 lives and about 7,000 people are still without power. We've heard a lot about Hurricane Maria and its devastating impact on Puerto Rico. Hurricane Irma had far less coverage but an outsized economic impact on pecan production in the United States. Justifiably, there was much media coverage of this devastating storm. As of June 2018, almost a year after Hurricane Maria hit, the death toll from the storm is still being disputed and thousands are still without power. Hurricane Irma struck the southern US a couple of weeks before Hurricane Maria decimated Puerto Rico. Reporting will be done in gallery walk format.Īrticle about hurricane damage to Georgia's pecan crop in 2017 (Microsoft Word 2007 (.docx) 86kB Jul13 18) Show the effect of this legislation on the Georgia's production possibilities for blueberries and pecans. Suppose Georgia passes legislation that leads to a mass exodus of migrant farm workers (who are largely immigrant and many undocumented). Illustrate the effect of this change on your initial production possibility curve.Ĥ. Suppose genetic modification makes blueberries resistant to insects, allowing yields to double. (Be sure to label your axes and first PPC.)Ģ.ĝemonstrate what happened to Georgia's production possibilities as a result of Hurricane Irma. Suppose blueberries and pecans are Georgia's two main crops, work with your group to:ġ.ĝraw a production possibilities frontier that shows the tradeoff between blueberries and pecans. In this exercise, you will use the information in "Thanksgiving Pecan Pies at Risk After Irma Ravaged Orchards" to determine what happened to Georgia's production possibilities as a result of Hurricane Irma (August 2017). But, hurricanes are large storms whose impact is felt across several states. Last year, we heard a lot about the damage that hurricanes caused in Florida and especially in Puerto Rico. Students will draw a production possibilities curve to analyze opportunity costs and trade-offs and understand what impacts production possibilities. Students will use their production possibilities frontier to analyze opportunity costs and trade-offs and understand what impacts production possibilities.
Students will read an article about how the hurricanes of fall 2017 damaged crops in Georgia and use the information provided to create a production possibilities frontier. Time: About 45 minutes: 15 minutes to read article, 15 minutes to work in groups to create PPF, 15 minutes to discuss Whatever the reason for it, opportunity costs tend to go up as you allocate additional resources one way or the other.Prior knowledge: students should know what a production possibilities looks like and what it represents
It’s also possible that-between the whiskers and the fluffy tail-the stuffed cat toy requires slightly more fabric than the dog toy, which speaks to the increasing nature of opportunity costs. Remember, every dollar spent on creating the cat stuffed animal comes out of the budget for the dog stuffed animal-and it’s not certain that it will sell as well in the end. By expending them, you may see an increase in net sales without losing profit.īut the more that you increase the rate of production of the cat toy, the more opportunity costs you might accrue. Say you reroute the resources that would have been used to create unsold dog toys into creating a stuffed cat toy. The stuffed dog toy produced by your organization sells well, but there are still units that go unsold. The curved shape of a PPC/PPF graph demonstrates what economists call “the law of increasing opportunity cost.”Ĭonsider the example of the stuffed toy company.
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