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Transcript of PPC
These models show how people behave economically. When creating a model, show basic factors, not every detail.Testing models proves how close to the truth the models actually are under real life conditions. A Model used to demonstrate the efficient or inefficient use of resources through the concept of opportunity cost. PRODUCTION POSSIBILITIES CURVE A B C D The curved line represents the total amount of LLCE in a nation or society.
Points A B C & D show efficient use of resources. Point E represents an inefficient use of resources.
That could be expressed as
3. Underutilized Point F represents FUTURE GROWTH
We cannot reach F in the present, only in the future
We can achieve future growth four ways
Discover new resources
Produce more capital goods
Invent new technology
International trade OPPORTUNITY COST All nations and societies must make choices about how to use available resources. This choice is called the opportunity cost.
** Opportunity cost is what you give up or trade off. It is NEVER money