Pregunta
The production possibilities curve illustrates the basic principle that
a. an economy will automatically seek that output at which all of its resources are employed.
b. an economy’s capacity to produce increases in proportion to its population.
c. if all resources of an economy are in use, more of one good can be produced only if less of another is produced.
d. no opportunity cost exists in production.
a. an economy will automatically seek that output at which all of its resources are employed.
b. an economy’s capacity to produce increases in proportion to its population.
c. if all resources of an economy are in use, more of one good can be produced only if less of another is produced.
d. no opportunity cost exists in production.
Ask by Osborne Campbell. in the United States
Mar 21,2025
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If all resources are used, producing more of one good means producing less of another.
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The Deep Dive
The production possibilities curve (PPC) is a fundamental concept in economics that visually represents the trade-offs an economy faces when allocating its finite resources. It illustrates how, if an economy is operating on its PPC, increasing the production of one good necessitates a decrease in the production of another, showcasing the concept of opportunity cost and resource allocation.
Understanding the PPC helps policymakers, businesses, and individuals make better decisions about resource management. It emphasizes the importance of efficient production and can symbolize economic growth when the curve shifts outward due to improved technology or an increase in resources, allowing for greater output without sacrificing the production of other goods.
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