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22 August, 00:11

How does a production possibilities curve illustrate the decisions made in an economy

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  1. 22 August, 02:41
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    on the chart, it can be seen easily that how much more resources will be needed when production of one product is more than the others.

    Explanation:

    The production possibilities curve is referred to as a curve that draws to measure the output of two products by having fixed input resources. The input is mainly of four main types i. e. natural resources, labor, cost, and entrepreneurship. sometimes many production units depend on all the above 4 inputs.

    on the chart, it can be seen easily that how much more resources will be needed when production of one product is more than the others.
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