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A production possibilities graph illustrates the maximum potential output of two goods or services that an economy can produce given its resources and technology. It demonstrates concepts such as opportunity cost, efficiency, and trade-offs by showing the trade-offs between the production of the two goods. The curve typically represents efficient production levels, while points inside the curve indicate inefficiency and points outside are unattainable with current resources. Overall, it helps in understanding resource allocation and economic efficiency.
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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.
What best states the purpose of using production possibilities frontier?
Setting up efficient production
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
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.
What states the purpose of using the production possibilities frontier?
Setting up efficient production
What best states the purpose of using production possibilities frontier?
Setting up efficient production
What is the purpose of production possibilities graphs?
to show alternative ways to use an economy's resources
What is purpose of a production possibilities graph?
to show 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
