GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a graph that shows how much an economy can produce between 2 goods
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how much money something is
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the opportunity one has to give up in order to gain something else
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land, labor, capital, entrepreneurs
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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 production possibility frontier (PPF) is a curve on a graph that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture. The PPF is also referred to as the production possibility curve.
Detailed explanation-3: -What line on a production possibilities curve shows the amounts of goods produced? Production possibilities frontier. The production possibilities frontier shows the maximum combination of two types of goods that can be produced using all resources.
Detailed explanation-4: -The Production Possibilities Curve (PPC) is a model that captures scarcity and the opportunity costs of choices when faced with the possibility of producing two goods or services.