a) PPF curves and resources
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9 Terms
show a PPF curve
y-axis = capital goods
x-axis = consumer goods
gradient = not constant (line is an outwards curve) and negative
state what a position below the PPF curve represents in terms of the allocation of resources
state why
a pareto inefficient allocation of resources
some are unemployed
state what a position below the PPF curve represents in terms of the production of capital and consumer goods
possible production
state what a position on the PPF curve represents in terms of the allocation of scarce resources
state why
a pareto efficient allocation of resources
all are employed
state what a position on the PPF curve represents in terms of the productive potential of an economy
the maximum productive potential of the economy
state what a position on the PPF curve represents in terms of the production of capital and consumer goods
possible production
state what a position above the PPF curve represents in terms of the production of capital and consumer goods
state why
unobtainable production
there is an insufficient supply of resources
show how the opportunity cost in capital goods is represented on a graph
the unit difference between the y-coordinate of the position and where the PPF curve meets the y-axis
show how the opportunity cost in consumer goods is represented on a graph
the unit difference between the x-coordinate of the position and where the PPF curve meets the x-axis