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
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Why is the PPC concave?
What does point (E), inside the PPC illustrate?
What is the significance of point (F), outside the PPC?
Under what conditions can point F be reached?
Moving from point B to point A, could eventually expand the frontier from G,G to H,H