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12th economics ppc curve important question Video Lecture - Class 12

FAQs on 12th economics ppc curve important question Video Lecture - Class 12

1. What is a PPC curve in economics?

Ans. A PPC (Production Possibility Curve) is a graphical representation that shows the different combinations of two goods or services that can be produced using limited resources and technology. It demonstrates the trade-offs and opportunity costs involved in producing one good over the other.

2. How is the PPC curve constructed?

Ans. The PPC curve is constructed by plotting the maximum possible combinations of two goods on a graph. The vertical axis represents the quantity of one good, and the horizontal axis represents the quantity of the other good. The curve is created by joining the points of production possibilities using different combinations of resources.

3. What does a shift in the PPC curve indicate?

Ans. A shift in the PPC curve indicates a change in the economy's ability to produce goods and services. If the curve shifts outward, it signifies economic growth and an increase in the production capacity. Conversely, a shift inward represents a decrease in production capacity, often due to factors like natural disasters or resource depletion.

4. What causes a movement along the PPC curve?

Ans. A movement along the PPC curve occurs when there is a change in the allocation of resources between the production of two goods. It could be caused by factors such as changes in technology, changes in the quantity or quality of resources, or changes in the workforce's skills. Such movements highlight the opportunity cost of producing more of one good over the other.

5. How does the PPC curve illustrate scarcity?

Ans. The PPC curve illustrates scarcity by showing the limited availability of resources and the need to make choices. The curve's shape, which is concave to the origin, demonstrates the concept of increasing opportunity cost. As more resources are allocated to producing one good, the opportunity cost of producing additional units of that good increases, leading to a trade-off between the two goods.

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