GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What does PPC show? Multiple answer.
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2 products
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Efficiency
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normative economics
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various possible combinations of goods and services
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Explanation:
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 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: -Scarcity. Efficiency. Opportunity costs. Gains from trade.
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