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Which is one of the four simplifying assumptions made in the chapter about the construction of the production possibilities model?
Wiki User
∙ 11y ago
The economy is fully employed and is using least-cost methods of production.
Wiki User
∙ 11y ago
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Society's production possibilities frontier is based on?
simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth.
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
Society's production possibilities frontier is based on?
simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic 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 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.
