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#Economics 101 ~ Absolute Advantage, Comparative Advantage, and the PPF

*As always, this is not intended to be professional advice. This was written with ESL students in mind, designed for a basic #Economics class. We simply hope that it may be helpful to other students trying to understand the concept.

UNDERSTANDING THE PPF

The two lines you see up above are called Product Possibility Frontiers or the PPF.

Situation: Vietnam (越南) and Thailand (泰国) both are given $500 to make Swords (剑) or Bows & Arrows (弓箭). Because their money is limited (有限) (there is an end to the money), both countries need to decide how many they should make. Problem: if they spend money on swords, that means less money for bows and arrows. And if they spend money on bows and arrows, that means less money available for swords. It’s a CHOICE (or in economics — a TRADE-OFF).

They have three choices: 1) Make only Swords. 2) Make only Bows and Arrows. 3) Make some of both.

The green line (Vietnam) shows all the possible combinations (组合) that Vietnam can make if it uses ALL the money ($500). Continue reading →

Tags: Economics 101, Economics for Dummies, education, Higher Education, How to find Absolute Advantage, How to find Comparative Advantage, Teaching, What is a PPF?, WHat is the Production Possibility Frontier?

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Categories Business & Economics, Life, Teaching

#ILoveTeaching

20 May

I’m so wonderfully blessed. ❤ Just spent the afternoon chatting with a student about his dreams for the future and past accomplishments. He has worked incredibly hard and gone from speaking broken Chinese only to speaking Chinese, good English, and good German. He’s now graduating from college with an American Bachelor’s degree, and he’s off to Germany to start new adventures. It’s such a blessing to see what he has done and to hear about where he is going. And to be the proud teacher of a student this awesome (who brings me cola every time we talk 😛 ) is just a wonderful feeling. I’m so happy to have a chance to be part of their lives. ❤

Teaching is not an easy job, I’m a little surprised at just how difficult it actually can be. Well, time-consuming is probably a better word than difficult. It just takes a lot of time, effort, and heart. To be rewarded with students who get to move forward in their lives, who are seeing dreams realized and lives blessed is worth every last bit of work.