Unit 1 - Production possibilities curve (PPC)

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part 1

Economics

IB Economics (HL)

Introduction to economics

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5 Terms

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<p>assumptions</p>

assumptions

time FOP tech are fixed

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The PPC illustrates

choice and opportunity cost of the choice

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<p>D</p>

D

decision made and maximum constant efficiency

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<p>B → C</p>

B → C

allocation of resources changes

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B → C opportunity cost

loss/gain

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