0
What else can I help you with?
How is Productive Efficiency related to the production possibilities frontier?
Understanding the production possibilities frontier allow business to see where they need additional resources to maximize production. Adding more resources expands production.
What is a production possibilities curve?
It shows the various combination of goods and services that can be produced if all society's resources are used efficiently.
Any point inside the production possibilities curve indicates?
It indicates that more output could be produced with available resources in that region.
A production possibilities frontier with a bowed outward shape indicates?
A production possibilities frontier with a bowed outward shape indicates an increase in opportunity costs as more and more of one good is produced. Some resources are more specialized towards specific tasks.
Producers can use a production possibilities frontier for what purposes?
A production possibilities frontier, or PPF, is a curve graph which shows combinations of two or more goods or services. The graph shows these goods or services being produced while using a maximum amount of resources.
How is Productive Efficiency related to the production possibilities frontier?
Understanding the production possibilities frontier allow business to see where they need additional resources to maximize production. Adding more resources expands production.
What is a production possibilities curve?
It shows the various combination of goods and services that can be produced if all society's resources are used efficiently.
Any point inside the production possibilities curve indicates?
It indicates that more output could be produced with available resources in that region.
A production possibilities frontier with a bowed outward shape indicates?
A production possibilities frontier with a bowed outward shape indicates an increase in opportunity costs as more and more of one good is produced. Some resources are more specialized towards specific tasks.
Producers can use a production possibilities frontier for what purposes?
A production possibilities frontier, or PPF, is a curve graph which shows combinations of two or more goods or services. The graph shows these goods or services being produced while using a maximum amount of resources.
What is the purpose of the production possibilities frontier?
The purpose of the production possibilities frontier is that a combination of goods produced will utilize full quality. And also, the production of goods are cannot be increased without increasing its quality.
A point inside a production possibilities frontier is?
A point inside the PPF means that resources are not being used efficiently. One or more resources (Land, labor, or capital) is being waisted or not used to its potential. More of both goods could be produced than are currently being produced.
What is represented by a point inside the curve on a production possibilities curve graph?
A point inside the curve on a production possibilities curve (PPC) represents an inefficient use of resources, where the economy is not operating at its full potential. This indicates that more of one or both goods could be produced without sacrificing the production of another good. It suggests underutilization of labor, capital, or technology. In contrast, points on the curve represent efficient production levels.
What is production possibilities?
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'.
How will a reduction in the number of hours worked each day affect an economy's production possibilities curve?
The economy's production possibilities would drop if there was a reduction in the number of hours worked each day. Since, production is dependent on labor, there would be less products produced.
Which economic principle describes the imbalance between what people want and what can b produced?
The laws of supply and demand that result from scarcity.
Production possibilities frontier?
Type your answer here... it shows the quantity of one goods that produced given output of other goods.
