0
A Production Possibility Curve is the curve which shows various combinations of two goods that can be produced with available techniques and with given amount of resources, which are fully and efficiently employed. It depicts a society's menu of choices of these two goods. It tells us that if the economy wants to produce more of one commodity, it will have to transfer or divert resources from the production of another commodity to the production of this commodity. That is why the production 'possibility curve' is also called 'transformation curve'.
What else can I help you with?
What are the other names for production possibility boundary?
other names for production possibility boundary are: production possibility curve production possibility frontier transformation curve.
What was the Production Budget for Real Women Have Curves?
The Production Budget for Real Women Have Curves was $3,000,000.
What are the other names for production possibility curve?
other names for production possibility curve are: production possibility boundary production possibility frontier transformation curve.
What are other names of production possibility frontier?
production possibility curve
What is the effect of war on a production possibility frontier?
production possibility frontier shift leftward
What is the Importance of production possibility curve?
Importance of production possibility curve in allocation resources
What does the point outside a production possibility curve mean?
It is an unreachable possibility.
How can you reach beyond the production possibility frontier?
With the introduction of new technology and new resources will shift the production possibility frontier.
What is trading possibility frontier?
as in production possibility curve compares production rates of two commodities, this compares prices of different commodities.
What is happening when a production possibility curve shifts to the left?
In economics when the product possibility curve moves left it shows in decrease in production possibility. Why? try to figure it out, it helps in understanding. Peace out.
Draw a production possibility curve and use it to explain scarcity choice and opportunity cost?
Production Possibility Curve this is an image of a ppf/ ppc
How microeconomic and macroeconomic issues may be represented using production possibility curves?
Production Possibility Curves (PPC) illustrate the trade-offs between two goods or services that an economy can produce given fixed resources and technology. Microeconomic issues, such as individual consumer choices and firm production decisions, can be represented by movements along the curve, reflecting shifts in resource allocation. Macroeconomic issues, such as economic growth or recession, can be depicted by shifts of the entire PPC, indicating changes in an economy's capacity to produce due to factors like technological advancements or resource changes. Thus, PPC serves as a visual tool to analyze both individual and aggregate economic interactions.
