ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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how supply and demand determine price.
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whether the supply of goods is elastic or not.
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the number of workers for a specific task.
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how limited resources can be used to produce a combination of items.
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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 two basic property of production possibility curve are: It slopes downward from left to right-Production possibility curve slopes downward because both the variables involve in the equation are inversely related as one increase then other one decreases and vice versa because the resources are constant.
Detailed explanation-3: -T3: How does a production possibilities frontier show efficient uses of a country’s resources? A production possibilities frontier shows efficient uses of a country’s resources because it shows that the country is using all of their resources efficiently to maximize production.
Detailed explanation-4: -Scarcity. Efficiency. Opportunity costs. Gains from trade.