REFLECTION TIME :)

	K What I know	W What I want to know	L What I learned
Sabrina Ibrahim	Scarcity is a problem that arises because of limited availablity of resourse to produce goods and the unlimited wants of humans. Scarcity can never be eliminated as the humans wants are limitless. There are 4 types of resources called the factors of production. Capital, Entreprenuership, Land and Labour (CELL). Objective of choices is to allocate the scarce resources so as to maximise the satisfacation of most wants.Opportunity cost refers to the cost of any action/decision measured in terms of the highest valued alternative forgone. The PPC assumes that only two goods are being produced, there is no wastage of resourse and there is a fixed amount of resources used. Points on the PPC are attainable and the resources are fully utilized. Points outside the PPC are unattainable. Points inside the PPC are attainable but the resources are underutilized. The PPC shifts outwards if there is a change in the availability of resources or an improvement in technology.	When can the PPC be a straight line instead of a curve ?  Why are resources not perfect substitutes of each other ? Is there a situation where resources be a perfect substitution of each other ?	There are two types of capital, Human capital and Physical capital. Machinery and semi-finished products are classified under physical while knowledge and talents are classified under human. Free goods are goods that are not scarce and are usually natural elements. Opportunity cost is zero because of free goods, single used factor or unemplyed resources. Another assumtion of the PPC is that the technology remains constant at the that time. Unemployed resources refers to resources that are resources not being used while underemployed resources refers to resouces that are being used to its fullest potential. Resources are not perfect substitutions of each other. The PPC reflects the how the economy is doing. The PPC can shift inward because of destruction of technology or decrease in resourses.
Sabrina Talib	I have learned that scarcity can never be resolve due to our limited resources and unlimited needs and wants. However, there are alternatives to ensure that the needs and wants of people can be satisfied. We have to make choices (what to produce, how to produce and for whom to produce) in order to produce and provide people’s needs and wants with minimal wastage. Also, we have opportunity cost which refers to highest valued alternative forgone. I have also understand that PPC graphs tells us how the economy is doing, whether there’s recessions, natural disaster, change in the choice of economy, quantity, quality and technology.	I want to know if the wants of the people can be ignored to ensure that more resources can be produce and provided for the needs of people. Also, I want to know more benefits of specialization.	I have learned that there are risks and benefits of specializations. Specializations allow workers and laborers to focus on what they are skilled at to ensure that the country can produce and provide the goods and services at a good condition. Hence, this allows trade. Specialization allows better standard of living but it may lead to workers being bored of their own work. Additionally, workers are only skilled at a particular area till they have difficulty in specializing in other areas.
Qiian Siew	I know that all goods and service that have a price are relatively scarce, and so scarcity is a situation where limited resources cannot satisfy the unlimited needs and wants of human. Since resources are scarce and wants are infinite, choices have to be made. These choices are expressed in what should be produced in what quantities using the scarce resources, how things should be produced using different combination of resources that may be used in production. And lastly, who things should be produced for, whether it is for those who can afford or not. The production possibilities curve (PPC) is then used to show the concept of scarcity, choice and opportunity cost.	I would like to know to what extend governments should intervene an economy so that scarce resources can be fully utilised and so the problem of scarcity can be reduce.	I learnt that due to the limited resources and humans’ infinite wants and needs, scarcity can never be resolved. However, choices can be made to allocate scarce resources so as to maximise the satisfaction of the most wants. When a choice is made between alternatives, the opportunity of some other choices is lost and so an opportunity cost is incurred. The production possibilities curve shows the maximum combinations of goods and services that can be produced by an economy in a given time period, with all the resources being used fully and efficiently. I have also learnt that specialisation allows workers, firms or countries to concentrate on what they are best at. As firms grow, they are able to have their management specialise in individual areas of expertise and thus be more efficient and able to produce a good at a lower opportunity cost than another firm.
Jing Yi	Actually I don't really know much about economics as I am relatively new to the subject. But I know the existence of scarcity which is due to the limited resources vs the unlimited wants of humans and that scarcity can never be eliminated.	I want to know more examples on how can we related what we have learn on the different economies of different countries.	-Economics is the study of human behaviour emphasizing how human actions are influenced by the constraints of society, and thus the necessity of choice. -We study Economics to understand society. to learn a way of thinking which enables us to make the best possible choice, to understand global affairs and to be an informed voter. -There are two major divisions of economics: 1) Microeconomics - deals with functioning of individual industries and the behaviour of individual economic decision-making units. 2) Macroeconomics - deals with the economy as a whole. -I know what are positive and normative statements and that economic analysis should always be positive. -The issue of scarcity exist due to the limited resources vs the unlimited human wants. Because Human's nature will always want something more after one particular consumption level is attained. Therefore, Scarcity can never be eliminated. - Scarcity can never be solve while shortages can be resolve. Two ways to resolve shortages is to increase the supply of goods or to increase the price of the goods. -Factors of Productions are CELL. C represents Capital where it is defined as man-made aid/goods use to raise the productivity of land and labour resources. There is physical capital(eg. machinery) and human capital(eg. knowledge). E represents entrepreneur where Entrepreneur is a specialise type of labour who exercise overall control, is a risk-taker, organise others Factors of production, makes decisions on what, how and for whom to produce and change agent. L represents Land where land is the gifts of nature. (eg. physical land, air, sunlight). L represents labour where it is any kind of human resources, available from the working population, including both physical/manual and mental human effort, used in the production of goods and services, for which payment is made usually in man-hours. -The difference between capital goods and consumer goods are capital goods are not used for final consumption and are man-made aid to production while consumer goods are for final consumption. - The 3 basic economic questions are what, for whom and how to produce. -Objective of society choices is to allocate scare resources so as to maximise the satisfaction of most wants. -Opportunity cost refers to the cost of any action or decision measured in terms of the highest alternative forgone. -The production possibility curve is a curve showing the various combinations of the maximum quantity of 2 outputs that an economy can produce within a specific period of time with all its resources fully and efficiently employed, assuming a particular state of technology. - Points inside the PPC is an attainable output but the economy is under-producing, experiencing unemployment or inefficiency/underemployment. -Points outside the PPC is an unattainable output and implies scarcity of resources. -Any point on the PPC would represent an attainable choice where the economy is fully utilising the resources. -The shape of the PPC shows increasing opportunity cost as resources are not perfect substitutes of each other. - When the PPC shifts outwards, it implies economic growth,increase ability of the economy to produce goods and services, technology improvement, increase in quantity and quality of resources. - When the PPC shifts inwards, it implies the economy maybe experiencing technology destruction or recession, therefore resulting the resources to decrease.
Yu Hui	I know what is economics about; the study of human behaviour emphasizing how human actions are influenced by the constrains of society, and thus the necessity of choice, and that economics is a social science. I also know about the differences about microeconomics and macroeconomics. That scarcity can never be eliminated as human wants are infinite. I know about the factors of production which are capital, land, labour and entrepreneur, and also about it's definitions. And due to scarcity, it leads to choices which will incur opportunity cost.	I want to know that if a capital goods happens to also be a consumer goods, is it regarded as a capital good or a consumer good based on the situation? Example: A company that sells machines that manufactures toys (capital goods/consumer goods? The machine that is used to manufacture toys would be a capital good. So would the machine be considered as a capital or consumer good? Or both?	I've gotten a better and clearer understanding about what the PPC curve means. I also understood the reasons for pts inside and outside the PPC curve, reason for the PPC curve's shape and the implications that caused the shifts of the PPC. I've learnt about the risks and benefits of specialisation and that when a country specialise, they produce a surplus beyond their needs, and why countries often specialise in certain goods and services and export them while importing other goods and service from other country.