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Production Possibility Curve (PPC). - Economics, Class 12 Video Lecture

FAQs on Production Possibility Curve (PPC). - Economics, Class 12 Video Lecture

1. What is a production possibility curve (PPC)?

Ans. A production possibility curve (PPC) is a graphical representation of the different combinations of two goods or services that can be produced by an economy, given its resources and technology. It shows the maximum possible output combinations that can be achieved by efficiently utilizing all available resources.

2. How is a production possibility curve (PPC) constructed?

Ans. To construct a production possibility curve (PPC), we need to plot different combinations of two goods or services on a graph, with one good represented on the x-axis and the other on the y-axis. The curve is drawn by connecting the points that represent the maximum production levels of each good or service. These points are determined by the economy's resource allocation and production efficiency.

3. What does a point inside the production possibility curve (PPC) represent?

Ans. A point inside the production possibility curve (PPC) represents an inefficient use of resources or underutilization of production capacity. It indicates that the economy is not utilizing its resources effectively and can potentially produce more of both goods or services without sacrificing the production of the other.

4. What does a point outside the production possibility curve (PPC) represent?

Ans. A point outside the production possibility curve (PPC) represents an unattainable combination of goods or services given the current resources and technology. It indicates that the economy does not have the capability to produce that level of output for both goods or services simultaneously. This could be due to limited resources or technological constraints.

5. How can a production possibility curve (PPC) shift?

Ans. A production possibility curve (PPC) can shift outward or inward depending on changes in the economy's resources, technology, or efficiency. An outward shift indicates an increase in the economy's production capacity, allowing it to produce more of both goods or services. This can occur due to factors such as technological advancements or an increase in available resources. Conversely, an inward shift indicates a decrease in production capacity, leading to a lower output level for both goods or services.

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