Explain how this relates to economic resources and production possibilities, considering specifically how the shortage of semiconductor chips has shifted the production possibilities curve inward for automobile production . Be sure to use economic terminology in your posting and focus entirely on the economic issues, leaving any political thoughts out of your posting. The pandemic-driven global supply.chain crisis has created a growing listof shortages, from fast-food containersto stuffed animals. Semiconductors areamong the tiniest links in the chain, butthe fallout from the chip shortage hasbeen enormous, curtailing technicallyadvanced products such assmartphones, home appliances andautomobiles. The semiconductor shortage hasdisrupted the auto industry throughout2021, halting production, reducinginventory and raising prices, a formulathat has left some frustrated buyerssearching for any tires to kick.For some Chicago-area dealers, thescarcity of new cars has made for asurprisingly good year, as demandoutstrips supply, and profits soar.

Semiconductor which is used to produce from fast-food containers to stuffed animals and many…

Answered: Explain how this relates to economic…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Explain how this relates to economic resources and production possibilities, considering specifically how the shortage of semiconductor chips has shifted the production possibilities curve inward for automobile production . Be sure to use economic terminology in your posting and focus entirely on the economic issues, leaving any political thoughts out of your posting.

The pandemic-driven global supply.
chain crisis has created a growing list
of shortages, from fast-food containers
to stuffed animals. Semiconductors are
among the tiniest links in the chain, but
the fallout from the chip shortage has
been enormous, curtailing technically
advanced products such as
smartphones, home appliances and
automobiles.

The semiconductor shortage has
disrupted the auto industry throughout
2021, halting production, reducing
inventory and raising prices, a formula
that has left some frustrated buyers
searching for any tires to kick.
For some Chicago-area dealers, the
scarcity of new cars has made for a
surprisingly good year, as demand
outstrips supply, and profits soar.

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