Percentage Uniform Marks (PUM) Explained: A Comprehensive Guide
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11,161 responses
hello friends
can anyone pls explain me about production possibility curve in economics
pleaseeee
thanks
Its when allocation of 2 resources is shown on a curve if more resources are devoted to 1type of good then theother decreases
Hope u get it
Sorry allocation of resources on goods****
thanks a lot friends
🙂
It’s basically a way to illustrate Opportunity Cost. Opportunity Cost is the cost in terms of the next best alternative forgone, for example, if a government spends money on building roads/schools, the opportunity cost is the fact that the money could have been used to improve healthcare.
Now, the Production Possibility Curve (PPC) is a curve that shows the max output of two type of products and a combo of those products that can be produced with existing resources. If a production company that produces cars and trucks produces 50 cars and 100 trucks. Provided that resources don’t expand, if the company wants to produce 60 cars, it will have to cut down production of trucks since it has limited resources.
EXAMPLE 2 : If a country, with a finite amount of resources, is producing 60 manufactured goods and 100 agricultural goods, then with the same amount of resources, if the country wants to now expand its manufacturing industry and decides to produce 80 manufactured goods, the agricultural goods going to be produced will be reduced (in this case, 75) since the resources are limited.
I hope this helped 😀
Hey plz can u tell me
like how have ur teachers taught to write answers ?
like paragraphs and points?
Plsss help
In economics
ALWAYS WRITE IN PARAGRAPHS.. you get half the marks for giving answers in points
yah i did thank you so much i m getting the concept better now 🙂
PPC illustrates the production of two distinct product with the available resources at a particular time.
For. eg, a country can either produce 100 machines or and 75 clothes while it can produce 115 clothes with just 50 machines. So it is upon the country to decide whether it wants clothes or machines at the moment and choose the best alternative.
the curve above the plotted graph shows the maximum of both produced at particular period of time.
Thank you.
thanks again Dhruv i got it 🙂
this is the curve that shows a combination of two commodities either of a countrys allocation of resources to either consumer goods or capital goods or in a firm deciding to allocate its resources in producing two items. basically what this curves shows is that if a firm is allocating its resources to producing this particular product the opportunity cost would be allocating the same amount of resources in producing the other item.
Igs tem, can u gimme any tips for economics mon?
A production possibility cost basically graphically represents the opportunity cost of producing something. On one axis you plot the quantity you produce for one good, and one the other axis the other good. As the quantity produced for one good increases, the quantity produced of the other should decrease. Any point beyond the curve is impossible with the resources you have, and any point inside the curve means inefficient use of resources.
thanks 🙂
Guys any help for business studies?
Here you go! https://igbusinesss.blogspot.in/
Hello IGCSE team,
I’m taking sociology in October/November. I need some guidance to practice the latest papers. I need good tips for my sociology exam.
Thank you
Dear IGCSE Centre,
could you please upload the examiner’s report for history (0470) 2014 october/november? my friends and i have come to rely a lot on this document as it outlines clearly what the examiners expect from us. i need it for preparation for the source paper this morning. would be very grateful, x
Hi IGCSE team,
I had a doubt in hindi paper 1 reading and writing. in the last excercise of this paper if we exceed the wordcount and the lines which are given will the examiner still read my answer? also will the examiner cut marks if we do so?
thanks alot for your help.
Hi Arini,
Is that summary? Or essay writing?