: Identify two competing outputs (not activities) in your life. SELECT A SITUATION THAT ALLOWS FOR SOME COMPROMISE. No all-or-nothing dilemmas. Clearly, you have lots of things competing for your resources, but pick just TWO tasks or products or services you produce. Only two because you will be translating your situation to a 2-dimensional PPC graph. FOCUS on OUTCOMES not on activity. The limited resources are your constraints and are held constant, so explain how much of your labor and human capital you have to divide between these two goals. You can measure the application of your resources using time (think in terms of man hours or machine hours), but TIME is NOT itself an economic resource. Time is simply an allocation measure.