draw a production possibility curve what do the point inside and outside this curve indicates explain 6 mark question
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draw a production possibility curve what do the point inside and outside this curve indicates explain 6 mark question
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production possibility curve
Explanation:
production possibility curve (PPC) shows all the possibility of production of two products, in an economy with all the given resources and given technology.
All the inside point of a production possibility curve shows, that the given technology and resources can produce all the possibile outputs inside a production possibility curve .
All the outside points of production possibility curve shows, that the given technology and resources are not enough and will not be able to reach that lavel of production.