Production Possibilities Curve [Download]

Description

The production possibilities curve (PPC) demonstrates the effects of scarcity, which exists to some degree in every country. This course provides you with the tools to understand the production possibilities curve and to acquire the ability to distinguish between situations with a shift in the production possibilities curve. This course presented in a simple and easy to use format, using illustrations, animations and examples suitable for those with little or no prior knowledge of the subject matter.

Have an understanding about the effects of scarcity which is demonstrated by the production possibilities curve.
Understand the significance of resources and their use.
Describe the meaning of a country’s Production Possibilities Curve Shape and also a shift in the Production Possibilities Curve.
Explain the meaning of the word “cost” in its various forms (opportunity cost, average cost per unit and marginal cost).
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