Production possibility curve is also known as ______________.
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Production possibility curve in Economics is also known as PPF curve or Transformation curve.
The production possibility curve is actually an analytical tool that is used to illustrate as well as explain clearly the problem of choice.
It models a two-good economy.
It maps the production of one good through x-axis and the production of another good through y-axis.
This curve presents to us the production possibilities of two separate stuffs when the resources are completely fixed.
The production possibility curve is actually an analytical tool that is used to illustrate as well as explain clearly the problem of choice.
It models a two-good economy.
It maps the production of one good through x-axis and the production of another good through y-axis.
This curve presents to us the production possibilities of two separate stuffs when the resources are completely fixed.
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