Practicing Success
Identify the concept which refers to the combination of two goods that can be produced with the help of given resources and technology. |
Indifference curve Budget line Marginal utility Production Possibility Curve |
Production Possibility Curve |
The answer is Production Possibility Curve (PPC). The Production Possibility Curve (PPC) illustrates the various combinations of two goods that an economy can produce, given its level of technology and available resources. It shows the trade-offs between the production of different goods and helps analyze the opportunity costs of choosing one combination over another. |