Understanding Economics: Production, Opportunity Cost, and More
Explore key concepts in economics such as Production Possibility Curve, Opportunity Cost, and Economic Activity Tips through informative charts and explanations. Gain insights into resource allocation and decision-making in an economy.
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Presentation Transcript
ECONOMICS ACTIVITY TIP CHART
PRODUCTION POSSIBILITY CURVE (PPC) PPC is a graphical representation of all possible combinations of any two specific goods which can be produced in an economy It is also called transformation line or transformation curve. Each point on PPC shows production combinations that a firm can achieve by allocating resources optimally .
OPPORTUNITY COST It refers to the value of a factor in its next best alternative use. For example, on a piece of land both wheat and sugarcane can be grown with the same resources. If wheat is grown then opportunity cost of producing wheat is the quantity of sugarcane given up .
BY, ALAN BENNY XI-B
