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Production Possibility Curve Assignment | Homework For You
Production Possibility Frontier Assignment Help | Economics Homework
Definition: Production Possibility curve is described as the curve which shows the greatest possible quantities of the goods which can be produced with available resources at the given level of technology. Combination Consumption goods Investment goods. All the combinations on or inside PPC are achievable while those combinations outside the PPC are unattainable currently, given the resources and the level of technology. Though, combinations of goods inside the PPC imply that the resources are not fully used or employed. Email based production possibility curve homework help - production possibility curve assignment help at TutorsGlobe.
THE PRODUCTION-POSSIBILITY FRONTIER Economics Assignment Help
We know that the cortices,both human and material, at the disposal of the community are strictly limited and they are ca of alternative uses, whereas we want to price innumerable commodities, i. We have, therefore, to choose the most desirable assortment of goods that we can produce with the resources that we command and a given state of technical knowledge. Had the resources at our disposal been unlimited. If some resources were lying idle, then also it would have been possible to increase the production of all goods.
Societies cannot have everything they want. They are limited by the resources and the technology available to them. Take defense spending as an example. Countries must decide how much of their limited resources goes to their military and how much goes into other activities such as new factories or education.