ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Production Frontier Curve
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Production Possibilities Frontier
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Production Performance Curve
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Production Alternative Frontier
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Detailed explanation-1: -A production possibilities curve is a graphical representation of the alternative combinations of goods and services an economy can produce. It illustrates the production possibilities model.
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: -The production possibility frontier refers to the graphical representation of possible combinations of two goods that can be produced with given resources and technology.
Detailed explanation-4: -Economic growth can be depicted on a production possibilities frontier (PPF) as an: outward shift of the PPF. Greater investment in capital goods today leads to: greater growth in the production possibilities frontier (PPF) in the future.
Detailed explanation-5: -In economics, the production possibilities frontier (PPF) is a graph which shows the combinations of output an economy can possibly produce given the available factors of production (natural, capital, and human resources) and the available production technologies that can be used to turn these factors into output.