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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
A point outside a production possibilities frontier is?
A point outside a PPC shows the problem of scarcity. A point outside the Production Possibility Curve shows a combination that cannot be attained because sufficient quantity of resources are not available to produce them.
Society's production possibilities frontier is based on?
simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth.
What is characteristic of the factors of a production?
Scarcity
What is the significance of the PPF equation in understanding the trade-offs between two goods in an economy?
The PPF equation, or Production Possibility Frontier, shows the maximum possible combinations of two goods that an economy can produce given its resources and technology. It helps to illustrate the trade-offs between producing one good over another, highlighting the concept of scarcity and the need to make choices in resource allocation. By analyzing the PPF, economists can understand the opportunity cost of producing one good instead of another, and make informed decisions about resource allocation and economic efficiency.
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
A point outside a production possibilities frontier is?
A point outside a PPC shows the problem of scarcity. A point outside the Production Possibility Curve shows a combination that cannot be attained because sufficient quantity of resources are not available to produce them.
How production possibility frontier provide an insight into the issue of scarcity and choice which an economy faces when deciding what goods and services to produce?
Since resources are limited,the society cannot get all the goods and services the people want.And hence some mechanisms are used to guide the use of resources in the production of goods and services to satisfy as many as people wants as possible. When the society do not know what to produce,the Production Possibility Frontier [PPF] is used to represent a boundary between those combination of goods and services which can be produced and those which cannot be produced.
Society's production possibilities frontier is based on?
simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth.
What is characteristic of the factors of a production?
Scarcity
Is a characteristic of the factors of production?
Scarcity
What is the characteristic of the factors of the production?
Scarcity
What is the significance of the PPF equation in understanding the trade-offs between two goods in an economy?
The PPF equation, or Production Possibility Frontier, shows the maximum possible combinations of two goods that an economy can produce given its resources and technology. It helps to illustrate the trade-offs between producing one good over another, highlighting the concept of scarcity and the need to make choices in resource allocation. By analyzing the PPF, economists can understand the opportunity cost of producing one good instead of another, and make informed decisions about resource allocation and economic efficiency.
What are the risks in farming?
scarcity of factor of production land
What is the problems of the scarcity?
production level decreases bit by bit.
What are the bases of production decisions in subsistence economy?
because of the scarcity
What does Production Possibilities Frontier represent?
it represents the boundary between the goods that are attainable and unattainable within an economy. Inside and along the ppf means that goods are attainable and outside the ppf menas the goods are unattainable and it thereby shows scarcity
