Economic Movements

The approximate dollar cost of the tuition and fees associated with this economics arouse amount to zero due to the fact that the military sponsors my educational funding using Tuition Assistance. The opportunity cost is substantial as I would be forced to take an autodidactic approach to economic learning without the benefit of this course, thereby creating a diminished use of human resources.

In the case of heavy crude extraction in Alberta, the opportunity cost is drastic indeed. Foregone alternatives include expensive scientific research investigating more environmentally conscious ways to take advantage of the land without obliterating the ecosystem above it. I believe that the increased extraction does not represent the best use of the land because it turns it into a wasteland. With ecosystem recovery processes considered, an entire generation of humans will lose the benefit of enjoying the surrounding wildlife. The global benefit, however, is substantial.

Certainly, it is possible that a nation's production possibilities curve may shift outward. Such a shift would mean that there was a previous lack in labor and resources utilization that has been corrected through an investment of capital and organization. In countries like Nigeria, such a change could occur as the result of new technology and/or policy actions thereby using the country's plethora of currently untapped natural resources, such as in the Nigerian oil and gas sector (Durodola, 2012).

The elimination of free trade barriers to the flow of goods and services across EU borders facilitated greater possibilities for businesses to expand their markets provided they had the capital, land, and labor to execute their objectives. As a result, EU output grew as a result of the growing globalization movement dedicated to the liberalization of tariffs and other trading regulations.

Reference

Durodola, A. (2012, February 20). The Spines. Nigerian economy operates below its production possibility frontier (PPF). Retrieved from http://thespines.blogspot.fr/2012/02/nigerian-economy-operating-below-its.html