How does ppc help in solving basic economic problems
The production-possibility frontier would not look different in a command economy compared to a market economy because the PPF equate the rates of production between two goods which both use equal factors of production.
A mixed economy system is an economy system that combines elements of capitalism and socialism. The economic problems of a mixed economy are ,What to produce?, How should production be organized?, For whom should production take place?.
An economy can be producing on the PPF curve only in theory. In reality, economies constantly struggle to reach an optimal production capacity.
PPF- product possibility frontier.
when technology improves, PPC (production possibility curve ) will shift rightward and the total production in an economy will increase.
The production-possibility frontier would not look different in a command economy compared to a market economy because the PPF equate the rates of production between two goods which both use equal factors of production.
The production-possibility frontier would not look different in a command economy compared to a market economy because the PPF equate the rates of production between two goods which both use equal factors of production.
A mixed economy system is an economy system that combines elements of capitalism and socialism. The economic problems of a mixed economy are ,What to produce?, How should production be organized?, For whom should production take place?.
Production Possibility Frontier
An economy can be producing on the PPF curve only in theory. In reality, economies constantly struggle to reach an optimal production capacity.
PPF- product possibility frontier.
when technology improves, PPC (production possibility curve ) will shift rightward and the total production in an economy will increase.
A command economy
A command economy
the central economic problems faced by the economy are what to produce,how to produce,for whom to produce,how to achieve the fuller utilisation of resources
Discuss the economic problems that are likely to occur as a country moves from central planning towards a market economy?
A command economy is one in which the government makes decisions regarding production, consumption, and all other aspects of the economy. It is a primary feature of any communist society.