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ows the different combinations of quantities of the two goods that can be produced with a given technology and total factor inputs which limit feasible total output each point on the curve shows potential total output for the economy which is the maximum feasible output of one good given a feasible output quantity of the other good scarcity is represented in the figure by people being willing but unable in the aggregate to consume beyond the ppf such as at x and by the negative slope of the curve 116 if production of one good increases along the curve production of the other good decreases an inverse relationship this is because increasing the output of one good requires reallocating inputs from the production of the other good thereby decreasing the latter the slope of the curve at a point on it gives the trade off between the two goods it measures what an additional unit of one good costs in terms of the units of the other good forgone an example of a real opportunity cost thus if one more gun costs 100 units of butter the opportunity cost of one gun is 100 units of butter along the ppf scarcity implies that choosing more of one good in the aggregate entails doing with less of the other good still in a market economy movement along the curve may indicate that the choice of the increased output is anticipated to be worth the cost to the agents by construction each point on the curve represents productive efficiency in maximizing output for a given set of total inputs a point inside the curve as at a is feasible but represents production inefficiency wasteful use of inputs in that output of one or both goods could increase by moving in a northeast direction to a point on the curve examples cited of such inefficiency include high unemployment during a business cycle recession or an economic organisation of a country that discourages the full use of resources being on the curve might still not fully satisfy allocative efficiency also called pareto efficiency if it does not produce a mix of goods that consumers prefer over other points much applied economics in public policy is concerned with determining how the efficiency of an economy can be improved recognizing the reality of scarcity and then figuring out how to organise society for the most efficient use of resources has been described as the essence of economics in which the subject makes its unique contribution 117 specialisation main articles division of labour comparative advantage and gains from trade a map showing the main trade routes for goods within late medieval europe specialisation is considered key to economic efficiency based on theoretical and empirical considerations different individuals or nations may have different real opportunity costs of production for example due to differences in stocks of human capital per worker or capital to labour ratios according to theory this may give a comparative advantage in the production of goods that make more intensive use of the relatively more abundant thus relatively cheaper input even if one region has an absolute advantage as to the ratio of its outputs to inputs in every type of output it may still specialise in the output in which it has a comparative advantage and thereby gain from trading with a region that lacks any absolute advantage but has a comparative advantage in producing something else it has been observed that a high volume of trade occurs among regions even when they have access to similar technology and a similar mix of factor inputs including high income countries this has led to the investigation of economies of scale and agglomeration to explain specialisation in similar yet differentiated product lines benefiting the respective trading partners or regions 118 119 the general theory of specialisation applies to trade among individuals farms manufacturers service providers and economies among these production systems there may be a corresponding division of labour with different work groups specializing or correspondingly different types of capital equipment and differentiated land uses 120 an example that combines the features above is a country that specialises in producing high tech knowledge products as developed countries do and trades with developing nations for goods produced in factories where labour is relatively cheap and plentiful resulting in different opportunity costs of production more total output and utility result from specializing in production and trade than from each country producing its own high tech and low tech products theory and observation set out the conditions such that market prices of outputs and productive inputs select an allocation of factor inputs by comparative advantage so that relatively low cost inputs go to producing low cost outputs in the process aggregate output may increase as a by product or by design 121 such specialisation of production creates opportunities for gains from trade whereby resource owners benefit from trade in the sale of one type of output for other more highly valued goods a measure of gains from trade is the increased income levels that trade may facilitate 122 supply and demand main article supply and demand the supply and demand model describes how prices vary as a result of a balance between product availability and demand the graph depicts an increase in demand from d 1 to d 2 and the resulting increase in price and quantity required to reach a new equilibrium point on the supply curve s prices and quantities have been described as the most directly observable attributes of goods produced and exchanged in a market economy 123 the theory of supply and demand is an organizing principle for explaining how prices coordinate the amounts produced and consumed in microeconomics it applies to price and output determination for a market with perfect competition which includes the condition of no buyers or sellers large enough to have price setting power for a given market of a commodity demand is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good demand is often represented by a table or a graph showing the relationship between price and quantity demanded as in the figure demand theory describes individual consumers as rationally choosing the most preferred quantity of each good given income prices tastes etc a term for this is constrained utility maximisation with income and wealth as the constraints on demand here utility refers to the hypothesised relation of each consumer for ranking different commodity bundles as more or less preferred the law of demand states that in general price and quantity demanded in a given market are inversely related that is the higher the price of a product the less of it people would be prepared to buy other things unchanged as the price of a commodity falls consumers move toward it from relatively more expensive goods the substitution effect in addition the price decline increases purchasing power thereby increasing the ability to buy the income effect other factors can change demand for example an increase in income will shift the demand curve for a normal good outward as shown in the figure all determinants are treated as constant factors in demand and supply supply is the relation between the price of a good and the quantity available for sale at that price it may be represented as a table or graph relating price and quantity supplied producers for example business firms are hypothesized to be profit maximizers meaning they attempt to produce and supply the quantity of goods that yields the highest profit supply is typically represented as a function relating price and quantity if other factors are unchanged that is the higher the price at which the good can be sold the more of it producers will supply as in the figure the higher price makes it profitable to increase production just as on the demand side the position of the supply curve can shift say due to a change in the price of a productive input or a technical improvement the law of supply states that in general a rise in price leads to an expansion in supply and a fall in price leads to a contraction in supply here as well the determinants of supply such as the prices of substitutes the cost of production the technology used and other factors of production are assumed constant over the specific time period under evaluation market equilibrium occurs where quantity supplied equals quantity demanded the intersection of the supply and demand curves in the figure above at a price below the equilibrium there is a shortage of quantity supplied compared to quantity demanded this is posited to bid up the price at a price above equilibrium there is a surplus of quantity supplied compared to quantity demanded this pushes the price down the model of supply and demand predicts that for given supply and demand curves price and quantity will stabilise at the price that makes quantity supplied equal to quantity demanded similarly demand and supply theory predicts a new price quantity combination from a shift in demand as shown in the figure or in supply firms main articles theory of the firm industrial organisation business economics and managerial economics people frequently do not trade directly on markets instead on the supply side they may work in and produce through firms the most obvious kinds of firms are corporations partnerships and trusts according to ronald coase people begin to organise their production within firms when the costs of doing business become lower than those of doing it on the market 124 firms combine labour and capital and can achieve far greater economies of scale when the average cost per unit declines as more units are produced than individual market trading in perfectly competitive markets studied in the theory of supply and demand there are many producers none of which significantly influence price industrial organisation generalises from that special case to study the strategic behaviour of firms that have significant control of price it considers the structure of such markets and their interactions common market structures studied besides perfect competition include monopolistic competition various forms of oligopoly and monopoly 125 managerial economics applies microeconomic analysis to specific decisions in business firms or other management units it draws heavily on quantitative methods such as operations research and programming and on statistical methods such as regression analysis in the absence of certainty and perfect knowledge a unifying theme is the attempt to optimise business decisions including unit cost minimisation and profit maximisation given the firm s objectives and the constraints imposed by technology and market conditions 126 uncertainty and game theory main articles information economics game theory and financial economics uncertainty in economics is an unknown prospect of gain or loss whether quantifiable as risk or not without it household behaviour would be unaffected by uncertain employment and income prospects financial and capital markets would reduce to the exchange of a single instrument in each market period and there would be no communications industry 127 given its different forms there are various ways of representing uncertainty and modelling economic agents responses to it 128 game theory is a branch of applied mathematics that considers strategic interactions between agents one kind of uncertainty it provides a mathematical foundation of industrial organisation discussed above to model different types of firm behaviour for example in a solipsistic industry few sellers but equally applicable to wage negotiations bargaining contract design and any situation where individual agents are few enough to have perceptible effects on each other in behavioural economics it has been used to model the strategies agents choose when interacting with others whose interests are at least partially adverse to their own 129 in this it generalises maximisation approaches developed to analyse market actors such as the supply and demand model and allows for incomplete information among actors the field dates from the 1944 classic theory of games and economic behavior by john von neumann and oskar morgenstern it has significant applications seemingly outside of economics in such diverse subjects as the formulation of nuclear strategies ethics political science and evolutionary biology 130 risk aversion may stimulate activity that in well functioning markets smooths out risk and communicates information about it as in markets for insurance commodity futures contracts and financial instruments financial economics or simply finance describes the allocation of financial resources it also analyses the pricing of financial instruments the financial structure of companies the efficiency and fragility of financial markets 131 financial crises and related government policy or regulation 132 133 134 135 136 some market organisations may give rise to inefficiencies due to uncertainty based on george akerlof s market for lemons article the paradigm example is of a dodgy second hand car market customers who do not know whether a car is a lemon depress its price below that of a quality second hand car 137 information asymmetry arises here if the seller has more relevant information than the buyer but no incentive to disclose it related problems in insurance are adverse selection such that those at most risk are most likely to insure say reckless drivers and moral hazard such that insurance results in riskier behaviour say more reckless driving 138 both problems may raise insurance costs and reduce efficiency by driving otherwise willing transactors from the market incomplete markets moreover attempting to reduce one problem say adverse selection by mandating insurance may add to another say moral hazard information economics which studies such problems is relevant to subjects such as insurance contract law mechanism design monetary economics and health care 138 applied subjects include market and legal remedies to spread or reduce risk such as warranties government mandated partial insurance restructuring or bankruptcy law inspection and regulation for quality and information disclosure 139 140 141 142 143 market failure main article market failure see also government failure information economics environmental economics ecological economics and agricultural economics pollution can be a simple example of market failure if costs of production are not borne by producers but are by the environment accident victims or others then prices are distorted an environmental scientist sampling water the term market failure encompasses several problems that may undermine standard economic assumptions although economists categorise market failures differently the following categories emerge in the main texts e information asymmetries and incomplete markets may result in eco...