Instructor
Caris Liew
Description
In this chapter you will learn how to:
- explain the meaning and purpose of a production possibility curve
- explain the shape of the production possibility curve, including the difference between constant opportunity costs and increasing opportunity costs
- analyse the causes and consequences of shifts in a production possibility curve
- discuss the significance of a position within a production possibility curve.
Curriculum
1.5.1 Nature and meaning of a production possibility curve (PPC)
1.5.2 Shape of the PPC: constant and increasing opportunity costs
1.5.3 Causes and consequences of shifts in a PPC
1.5.4 Significance of a position within a PPC
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