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Lesson 4: Production Possibilities | Unit 1: Getting Started Page: 4 of 24

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  • The basic production possibilities analysis.
  • How the production possibilities analysis can be used to (a) help answer the "What?" question of allocation, (b) understand basic macroeconomic concepts, and (c) work with graphical analysis.
  • The four assumptions of production possibilities analysis-two goods, fixed resources, fixed technology, and technical efficiency.
  • The limitations of production possibilities analysis-it tells us what is possible, not what is best.


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ALLOCATION EFFECT

A change in the allocation of resources caused by placing taxes on economic activity. By creating disincentives to produce, consume, or exchange, taxes generally alter resource allocations. The allocation effect is typically used when governments seek to discourage the production, consumption, or exchange of particular goods or activities that are deemed undesirable (such as tobacco use or pollution). This is one of two effects of taxation. The other (primary) is the revenue effect, which is the generation of revenue used to finance government operations.

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