JAMB - Economics (2008 - No. 2)
The production possibility curve can be used to explain the underlying concepts of
scale of preference and choice
opportunity cost and choice
wants and means
opportunity cost and scale of preference
Explicació
The production possibilities curve (PPC) is a graph that shows all of the different combinations of output that can be produced given current resources and technology. It explains the concept of opportunity cost and choice, where an alternative is given up when a choice (the decision made about the use of scarce resources).