0
What kind of goods can be compared to a production possibilities curve?
Wiki User
∙ 7y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
When the production possibilities curve is bowed out resources are?
Resources are not perfectly shiftable between production of the two goods.
A production possibilities curve shows the relationship between the production of which two items?
any two categories of goods
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.
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 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'.
When the production possibilities curve is bowed out resources are?
Resources are not perfectly shiftable between production of the two goods.
A production possibilities curve shows the relationship between the production of which two items?
any two categories of goods
Why does a production possibilities curve have a bowed-out shape?
The PPF is bowed outwards (concave to the origin) as tradeoffs between the production of any two goods are constant.
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.
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 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'.
What economic data does a production possibilities curve bring together?
Total value of 4 factors of production including:LandLaborCapitalEnterprizeThe PPC curve adds all these factor ups and create a curve show the possible optimum level of production for 2 competing goods.
What does a production possibilities curve how?
production possibilities curve is a graphical representation of alternative combinations of amounts of two goods/services that economy can produce by transferring resources from one good/service to the other.
What is a production possibilities frontiers?
Basically the PPC represents the hypothetical amount of two different goods that could be obtained by using resources from the production of one for the production of the other. It also describes society's choice between two different goods. When a point is on the curve it means all the resources for those goods is at full employment, anything under the curve is at under-employment, and anything beyond the curve indicates potential growth.
What assumptions determine the production possibilities curve?
Assumptions to determine the PPC is:only 2 goods will be illustratedthe amount of resources is fixedstate of technology is constant
What do all points on the production possibilities curve represent?
Exactly what the name suggests. All possible combinations of output of both goods for a given level of inputs.
What is a point that lies outside a country's production possibilities curve?
The Country, given its current technology and available resources cannot produce this combination of goods. Presently it is unobtainable
