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Yogita Ingle 6 years ago
In business, the Production Possibility Curve (PPC) is applied to evaluate the performance of a manufacturing system when two commodities are manufactured together. The management utilizes this diagram to plan the perfect proportion of goods to produce to reduce the wastage and cost while maximizing profits.
The diagram or graph explains how many units of goods a company can produce if all the resources are utilized productively. Therefore, a single commodity’s maximum manufacturing probability is arranged on the X-axis and other on the Y-axis. Here, the curve is represented to show the number of products that can be created with limited resources and pausing the use of technology in between.
In the graph, the line sloping down also depicts the tradeoff between producing commodity A and commodity B. When a firm diverts its resources to produce commodity B, the production of commodity A will reduce.
A point above the curve indicates unattainable with the available resources. A point below the curve means the production is not utilizing 100 per cent of the ‘business’s resources.
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Sia ? 6 years ago
Types of Economies:-
- Capitalistic Economy
- Socialistic Economy
- Mixed Economy
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The state of balance achieved by an end user of products that refers to the amount of goods and services they can purchase given their present level of income and the current level of prices.
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Production is a process of value-adding. Economic production is an activity carried out under the control and responsibility of an institutional unit that uses inputs of labour, capital, and goods and services to produce outputs of goods or services.
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Yogita Ingle 6 years ago
The value of slope at any point on the Production Possibilities Frontier (PPF) curve or Production Possibilities Curve (PPC) indicates the opportunity cost. It is also called as marginal rate of transformation (MRT).
Slope of the PPC defines the rate of producing two goods with available resources and technology. When all the resources are used in manufacturing of one good, then the production of other good is affected. So, the production of one good depends on the production of other good, which impacts the opportunity cost of producing the good.
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