Possibilities Production Curve

1. The "Possibilities Production Curve" is, by definition, a graph that conveys the several combinations of output, which in this case would be acres of wilderness and the value of minerals. The graph shows the relationship between the two. As we all know, one can't have everything of both, therefore one can't preserve the maximum amount of wilderness as well as turn all those acres into oil fields and chromium mines which supports the idea stated in the video that "you can't be in both places at once." If one wanted all the acres, one would have zero minerals. If one wanted five billion dollars worth of minerals, one would have to give up some acres of wilderness to achieve that, and if one plots this as points on a graph, the resulting illustration would be a curve (production possibilities curve), which "expresses the possibilities that realistically lie before us, the fundamental limits on our range of choice."

2. In my opinion, we should not disrupt what is believed to be America's last true wildlife sanctuary to satisfy our dependency on oil. First, our relationships and involvement with other countries supports our reputation and sparks the possibilities of more trade offs in the future if all goes well with current tradeoffs. Second, future generations deserve some real wildlife. Because it is the last wild home for many species of plants and animals, it would be unfair to future generations, as well as the endangered species who call this land their home, to take that away from them in order to lessen our dependence on foreign oil today. Finally, if in the future something goes outlandishly wrong, we will always have this land as back up in case of any emergency. We, or our future generations may also use this land as possible tradeoff. Current day economists need not only think about what can make things better for today, but also which of the possible decisions will benefit us, and our children and grandchildren in the future.