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Answers
Step-by-step explanation:
1.The Production Possibilities Curve (PPC) is a model that captures scarcity and the opportunity costs of choices when faced with the possibility of producing two goods or services. ... The bowed out shape of the PPC in Figure 1 indicates that there are increasing opportunity costs of production....
2 .The basic economic activities of life are production, distribution and disposition of goods and services. A society will be facing scarcity of resources during the time of fulfillment of these activities
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3.Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
4.The production possibility curve represents graphically alternative production possibilities open to an economy. The productive resources of the community can be used for the production of various alternative goods. But since they are scarce, a choice has to be made between the alternative goods that can be produced.
5.No two economies are identical. ... However, these economies do share many of the same features and characteristics. So economists have been able to identify four different types of economy – traditional economy, command economy, market economy and mixed economy......
