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Production Possibilities Curve. Production Possibilities Curve. Constant Opportunity Cost. Decreasing Opportunity Cost. Absolute Advantage and Comparative Advantage. ABSOLUTE ADVANTAGE

Production Possibilities Curve. In this lesson, we will examine the various options available to producers. Students will be able to define the following terms: Production Possibilities Curve Efficiency Underutilization Production Possibilities Frontier. A Production Possibilities Curve.

Production Possibilities Curve. Imagine…. that we decided to do a fundraiser. We found 10 metal sheets in the back of the school, and we decided to use them to make goods to sell. We only know how to make cookie sheets and pie pans.

Production Possibilities Curve. The PPC illustrates what is possible in terms of production with given resources and technology. Assumptions: Fixed endowment of economic resources Fixed technology Resources fully utilized. Digression on technology. Technology is “applied know how.”

Production Possibilities Curve. A curve that shows the different combinations of two goods that the economy can produce, given its resources and the level of technology. Assumptions. Two Goods Fixed Level of Resources Given Level of Technology No Unemployment. EXAMPLE .

Production Possibilities Curve. Graphs to show alternative ways to use an economy ’ s productive resources. Production Possibilities. Economists will use graphs to analyze choices and trade-offs people make. Why? Graphs help us understand how one value relates to another value.

Production possibilities curve. An introduction. Abstractions and Assumptions of a PPC. Compare 2 variables; goods or services Trade-offs or opportunity cost involved All available resources are fully employed All available technology is fully employed