ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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II only
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I and III only
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III and IV only
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I, II, and IV only
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II, III, and IV only
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Detailed explanation-1: -The PPC can be used to illustrate the concepts of scarcity, opportunity cost, efficiency, inefficiency, economic growth, and contractions.
Detailed explanation-2: -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.
Detailed explanation-3: -The production possibilities curve (PPC) illustrates tradeoffs and opportunity costs when producing two goods.
Detailed explanation-4: -A production possibilities curve can be used to illustrate which of the following concepts? Scarcity, Opportunity cost, choice, economic growth. A production possibilities curve can be used to illustrate all four concepts listed in the options.