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What is a graphical representation of the combination of goods and services that can be produced in a situation?
A Production Possibility Curve (PPC) or a Production Possibility Frontier depicts the Various combinations of two goods that can be produced in an economy with the given resources and the given technology, constructed on the basis of the assumption that all the resources of the economy are fully and efficiently used.
To draw a PPC, the quantity one of the two goods in question is measured along the X-axis and that of the other along the Y-axis. It is then a matter of common understanding that the PPC is a negatively sloping curve because in order to produce more of one good, the economy has to sacrifice some amount of the other since the resources are assumed to be fully and efficiently utilised.
Another interesting point to note is that the PPC is generally concave to the origin because of the assumption that resources are not equally efficient in the production of both goods. TH marginal opportunity cost or marginal rate of transformation between the two goods goes on increasing. this means that to produce every next unit of one good, more and more of the other needs to be sacrificed.
What else can I help you with?
Each society determines who will consume what is produced based on?
Combination of social values and goals.
What's the economic situation of Italy now?
The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced.
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.
Which of these is not one of the basic economic questions where should products be produced for whom should products be produced how should products be produced what products should be produced?
Where should products be produced
A deflationary gap occurs when an economy is in an expansion?
A deflationary gap occurs when ag­gregate demand is less than aggregate supply. Deflationary gap depicts a situation in which total spending in an economy is insufficient to buy all the output that can be produced without unemployment occurring.
What is an anemogram?
An anemogram is a result produced by an anemograph, an anemometer which produces a graphical recording.
What is the definition of ms windows in short?
Microsoft Windows is a series of software operating systems and graphical user interfaces produced by Microsoft.
What is the graph detecting the electrical changes in the heart as it beats?
An electrocardiogram is a graphical recording of the cardiac cycle produced by an electrocardiograph monitoring heart beats.
A new combination of hereditary material is produced in offspring through .?
Sexual reproduction is a new combination of hereditary material that is produced in offspring.
What are cemicals?
A chemical equation is a graphical representation of a chemical reaction.
What is the likeness of something produced by an optical device such as lens?
An image produced by an optical device, such as a lens, is a representation of the object being viewed. It can appear similar or identical to the original object, depending on factors like focus, distortion, and magnification of the lens. The likeness is a visual representation that can be captured and recorded for observation or analysis.
What a situation where the goal of efficiency is being met?
When a good is produced with few wasted resources.
Features of windows 2000 server kernel?
what is windows 2000 server features Answer: Microsoft Windows is a series of software operating systems and graphical user interfaces produced by Microsoft. Microsoft first introduced an operating environment named Windows in November 1985 as an add-on to MS-DOS in response to the growing interest in graphical user interfaces.
What was the name of the company bill gates created?
Microsoft Windows is a series of software operating systems and graphical user interfaces produced by Microsoft. Microsoft first introduced an operating environment named Windows in November 1985 as an add-on to MS-DOS in response to the growing interest in graphical user interfaces.
When was the Fiat Brava produced?
The Fiat Brava was a car produced by Fiat, an Italian automobile maker, in 1995. These cars were produced in combination with the Fiat Bravo. They were produced until 2001.
Features of Microsoft Windows 2000 server kernel?
what is windows 2000 server features Answer: Microsoft Windows is a series of software operating systems and graphical user interfaces produced by Microsoft. Microsoft first introduced an operating environment named Windows in November 1985 as an add-on to MS-DOS in response to the growing interest in graphical user interfaces.
What substance is produced by the combination of milk - banana - and saliva?
Chyme.
