ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Production possibilities.
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Consumption possibilities.
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Real GDP.
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Nominal GDP.
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Detailed explanation-1: -A production possibilities frontier, or PPF, defines the set of possible combinations of goods and services a society can produce given the resources available.
Detailed explanation-2: -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-3: -In economics, the Production Possibility Curve (PPC) depicts the maximum output combinations of two goods that are produced in the economy when all resources are employed fully and efficiently. This curve helps economists to illustrate different features such as scarcity, opportunity costs, and economic growth.
Detailed explanation-4: -A production possibilities curve shows the maximum combinations of two goods and services that an economy can produce when resources are fully used and the best technology is applied.
Detailed explanation-5: -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. Sometimes called the production possibilities frontier (PPF), the PPC illustrates scarcity and tradeoffs.