ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The prices of two types of products being produced
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The quantity of capital and consumer goods that people would like to be produced
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The maximum combination of two types of goods that can be produced with given resources.
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The relative profitability of capital and consumer goods
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Detailed explanation-1: -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.
Detailed explanation-2: -The production possibilities curve illustrates the maximum possible output for two products when there are limited resources. It also illustrates the opportunity cost of making decisions about allocating resources.
Detailed explanation-3: -A production possibilities curve shows the combinations of two goods an economy is capable of producing.
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 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.