BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a graph that shows how much an economy can produce between 2 goods
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how much money something is
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the opportunity one has to give up in order to gain something else
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land, labor, capital, entrepreneurs
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Detailed explanation-1: -The Production Possibilities Curve (PPC) is a model used to show the tradeoffs associated with allocating resources between the production of two goods. The PPC can be used to illustrate the concepts of scarcity, opportunity cost, efficiency, inefficiency, economic growth, and contractions.
Detailed explanation-2: -The production possibilities curve (PPC) is a graph that shows all of the different combinations of output that can be produced given current resources and technology.
Detailed explanation-3: -The Production Possibilities Frontier (PPF) is a graph that shows all the different combinations of output of two goods that can be produced using available resources and technology. The PPF captures the concepts of scarcity, choice, and tradeoffs.
Detailed explanation-4: -What line on a production possibilities curve shows the amounts of goods produced? Production possibilities frontier. The production possibilities frontier shows the maximum combination of two types of goods that can be produced using all resources.
Detailed explanation-5: -In economics, the production possibilities curve is a visualization that demonstrates the most efficient production of a pair of goods. Each point on the curve shows how much of each good will be produced when resources shift to making more of one good and less of another.