1.2 production possibilities curve
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Last updated 4:07 PM on 8/18/24
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10 Terms
1
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production possibilities curve
depicts the tradeoffs of opportunity costs of production choices, shows all combinations of two goods/categories of goods an economy can produce with fixed prices
2
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point ON the curve
resources are being used efficiently
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point INSIDE the curve
resources are being used inefficiently
4
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point OUTSIDE the curve
impossible; the curve represents maximum resources
5
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ppc shifts inward
quality/quantity/technological changes of products decreases
6
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ppc shifts outward
quality/quantity/technological changes of products increases
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concave ppc
the opportunity cost increases with increased production of either product
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linear ppc
the opportunity cost stays constant, the two goods use the same resources to be made
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capital goods
machines/tools used to make produce other goods (used to produce consumer goods)
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consumer goods
finished products consumed/bought by individuals
Note 
Flashcards (22)