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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'.
Emmanuel McKenzie
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What is the concept of the production possibilities?
Production possibilities is the extent of production in businesses. Production possibilities can change if resources increase within a business. Increasing labor can also change production possibilities.
What line that shows different production possibilities for an economy?
production possibilities frontier
What tool helps a producer set up an efficient system of production?
a production possibilities frontier graph
Where would a point of under utilization appear on a production possibilities?
below or to the left of the production possibilities frontier
What is a production possibilities graph?
production possibilities graph is a graph that shows alternative ways to use an economy's resources.
What is the concept of the production possibilities?
Production possibilities is the extent of production in businesses. Production possibilities can change if resources increase within a business. Increasing labor can also change production possibilities.
Where would a point of underutilization appear on a product possibilities graph?
below or to the left of the production possibilities frontier
What line that shows different production possibilities for an economy?
production possibilities frontier
What tool helps a producer set up an efficient system of production?
a production possibilities frontier graph
Where would a point of underutilization appear on a production possibilities?
below or to the left of the production possibilities frontier
Where would a point of under utilization appear on a production possibilities?
below or to the left of the production possibilities frontier
What tool helps producers set up an efficient system of production?
a production possibilities frontier graph
What is a production possibilities graph?
production possibilities graph is a graph that shows alternative ways to use an economy's resources.
Where would a point of under utilization appear on a production possibilities graph?
below or to the left of the production possibilities frontier
How does production possibilities curve differ from production possibilities frontier?
the possibility production curve show production that can be produces using minimum resources whereas the possibilty productive frointer show the attainable levls of production.
What are the effects of discrimination in the production possibilities frontier?
The effects of discrimination in the production possibilities frontier is that a given business does not fulfill its ful potential.
An economy working below its most efficient production levels?
An economy working below its most efficient production levels points inside the production possibilities frontier. This is in the context of a production possibilities curve.
