Econ ch1 3 the economic way of thinking section 3 analyzing production possibilities learn with flashcards games and more for free. Society s wants are unlimited but all resources.
A production possibilities graph ppg is a model that shows alternative ways that an economy can use its scarce resources.
Production possibilities curve worksheet answer key section 3. Ppc shows all the possible combinations of 2 goods or services. Start studying chapter 1 section 3 production possibilities curves key terms. A graph used by economists to show the impact of scarcity on an economy.
Learn vocabulary terms and more with flashcards games and other study tools. What is the production possibilities curve. Worksheet ch2 3 economic systems section 2 market economies 16 terms.
130 117 109 89 0 draw a production possibilities curve for robots and wheat using the data above. 5 key economic assumptions. Start studying economics chapter 1 section 3.
If tom increases his catch from 28 to 40 fish an increase of 12 the number of coconuts he gathers falls from 9 to zero. Ppc practice answer key displaying top 8 worksheets found for this concept. Chapter 1 3 guided reading and review production possibilities curves as you read as you read section 3 complete the chart by indicating where on a production possibilities curve the following information is shown categories or specific goods or services to be compared horizontal and vertical axes range of choices in the combination of goods or services produced points plotted on the graph.
What is the opportunity cost of moving from point a to point b. Some of the worksheets for this concept are production possibilities curve tradeoffs production possibilities frontier ppf work unit 1 microeconomics lesson 2 unit 1 basic economic concepts ppc 1041 deskbook practice aids unit 1 macroeconomics lesson 1 ppc tax deskbook and planning guides multiple choice on. Learn vocabulary terms and more with flashcards games and other study tools.
Learn vocabulary terms and more with flashcards games and other study tools. So his opportunity cost per additional fish is of a coconut the same. Label the points where the economy would be efficient a underutilized b and unattainable c.
Start studying ch 1 section 3 production possibilities curves. Production possibilities 1 3 trade offs and opportunity costs can be illustrated using a production possibilities curve. Figure 3 1 the answer is yes.
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