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A point inside a production possibilities curve represents things that can be produced. However, points inside the curve would be less efficient to produce than those points resting directly on the line.
Operating efficiently, it is producing the highest possible amounts of goods that it can produce.
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'.
other names for production possibility boundary are: production possibility curve production possibility frontier transformation curve.
The PPF graph is a bowed out curve. The x-axis being quantity produced of one product/service and the y-axis being another quantity produced of a product/service. Any point on the curve is productive efficiency. Outside of the curve is unattainable and inside of the curve is inefficient.
the increasing costs resulting in increasingly less output
A point inside a production possibilities curve represents things that can be produced. However, points inside the curve would be less efficient to produce than those points resting directly on the line.
Operating efficiently, it is producing the highest possible amounts of goods that it can produce.
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'.
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'.
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'.
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 PPF graph is a bowed out curve. The x-axis being quantity produced of one product/service and the y-axis being another quantity produced of a product/service. Any point on the curve is productive efficiency. Outside of the curve is unattainable and inside of the curve is inefficient.
That is true :)
It shows the various combination of goods and services that can be produced if all society's resources are used efficiently.
The Production Budget for Trouble with the Curve was $60,000,000.