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A point that lies outside a country's production possibilities curve means that the country is not able to produce. The possibility curve shows how a country can efficiently produce.
The curve moves inward
other names for production possibility boundary are: production possibility curve production possibility frontier transformation curve.
Importance of production possibility curve in allocation resources
An inrease in the retirement age would effectively increase a country's labor supply, shifting the production possibilities curve right.
A point that lies outside a country's production possibilities curve means that the country is not able to produce. The possibility curve shows how a country can efficiently produce.
The curve moves inward
The curve moves inward
other names for production possibility boundary are: production possibility curve production possibility frontier transformation curve.
other names for production possibility curve are: production possibility boundary production possibility frontier transformation curve.
The Production Budget for Trouble with the Curve was $60,000,000.
Importance of production possibility curve in allocation resources
An inrease in the retirement age would effectively increase a country's labor supply, shifting the production possibilities curve right.
A country may not choose to produce below it's ppc but the situation in that country derive it to do so
By using production possibility curve,country is producing both industrial and agricultural product using available resources, technology country operating inside production possibility curve shows the levels underdevelopment, which will be result under utilisation of resources ,poor technology. The country operating outside production possibility curve show the levels of development in economy, however, an economy can produce both industrial and agricultural using the resources available without effecting the production each . A shift from inside to outside it may be result of discovering of new resources, improved technology .
the quality of education that increases will improve the human capital which is one of the factors of production. therefore, the pp curve will shift outwards against potential growth.
Any point on the PPC curve