Production Possibilities Curve

Front

The opportunity cost of increasing production from 7 to 9 trucks is

Back

3 boats

Front

The opportunity cost of increasing production from 4 to 7 boats is

Back

2 trucks

Front

If a natural disaster strikes, the production possibilities curve can shift

Back

To the left

Front

What can cause a production possibilities curve to move to the right? Options: thousands of people move out of the country, an epidemic kills thousands of young men and women, a new invention lowers the cost of production, the population is growing increasingly old

Back

a new invention lowers the cost of production

Front

What is the production possibilities curve?

Back

a graph that shows how much an economy can produce between 2 goods

Front

What does point Y represent on the PPC?

Back

Unattainable / impossible

Front

If there is improved technique of Production in both the goods, how will the PPC be affected?

Back

Rightward shift of PPC

Front

What is opportunity cost?

Back

the opportunity one has to give up in order to gain something else

Front

The production possibilities curve is an illustration of what?

Back

Opportunity costs and trade-offs

Front

An incentive is: the option to select or make a decision when faced with two or more possibilities, a conclusion or resolution reached after consideration, a circumstance that contributes to a result or outcome, a benefit or cost that influences a person's decision

Back

a benefit or cost that influences a person's decision