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For a nation's leaders, this production possibilities frontiers model demonstrates what to produce, how to make it, and for which markets. Examine how changes in the economy affect a nation's production possibilities curve using examples from real-world situations.
What is Production Possibilities Curve?
A production possibilities curve depicts all the combinations of ways we can create these two items within the constraints we face, including the scarcity of resources.
Some characteristics of Production Possibilities Curve are-
- The main premise is that this curve will move in either direction depending on what influences economic output.
- Any economy's main objective is development, which is achieved by meeting consumer demand for more and more of the products and services being produced.
- We can produce more as long as everything else stays the same, hence the production possibility curve will move to the right or outward as the economy expands.
- Of course, the curves would move to the left if the economy had to contract. The output is growing when the curve moves outward or to the right.
- The output is diminishing when the curve turns inward or to the left.
To know more about Production Possibilities Curve, here
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