Explain and demonstrate the effects on the production possibilities frontier (or curve) of the following events:
1.The country is experiencing a recession and unemployment rises to 15%. 2.Technological advancements have increased due to an increase in U.S. educational standards. 3.Immigration laws are changed to reflect an emphasis on filling the needs of the U.S. workforce. Consequently, visas are given to immigrants who have skills, knowledge or talents that enhance the labor force in the United States.
•Included three graphs, one to reflect each scenario. •Write a discussion for each scenario; make sure you explain the graph. •Use examples to demonstrate a deeper understanding of the impact of each scenario on the production possibility curve. •Define opportunity cost, scarcity, and resources. Explain how these concepts are relevant to the production possibility curve. Adhere to MLA formatting and reference guidelines when writing your response. Additionally, your response should be free of grammatical errors, use complete sentences, and give specific details to support statement.