Economic study
Q. what is is mean by in economics?
Ans. economy is a system comprising all economic activities directed towards the satisfaction of unlimited wants using the scarce means.
Production Possibility Curve
Production Possibility Curve A Production Possibility Curve, also known as Production Possibility Frontier or a PPC is a graphical representation of all possible combinations of amounts of two goods which an economy can produce using its limited resources and available technology. Example:-Table 1 . If all the resources are used in the production of corn, the maximum amount of corn that can be produced is 4 units and if all resources are used in the production of cotton, at the most, 10 units of cotton can be produced. The economy can also produce1 unit of corn and 9 units of cotton or 2 units of corn and 7 units of cotton or 3 units of corn and 4 units of cotton. There can be many other possibilities. The figure illustrates the production possibilities of the economy. Any point on or below the curve represents a combination of corn and cotton that can be produced with the economy’s resources. The curve gives the maximum amou...
Comments