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Production Possibility Curves – PPCs / PPFs. Detailed video covering everything you need to know about Production Possibility Curves – PPCs / PPFs
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In this movie we go over how to draw a PPF (production possibilities frontier) given information on various points from a table. The trick here is to take all of the information from the table and plot it value for value on the graph. This will give you a PPF also sometimes called a PPC (production possibilities curve) that shows all different possible combinations of goods/services that are possible with the given inputs.
More information is available at: http://www.freeeconhelp.com/2011/06/how-to-draw-ppf-production-possibility.html where more information including a description and images are kept.
Introduction of PPC…
Assumptions and explanation…
Shift and rotation of PPC….
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opportunity cost
In this video I explain how the production possibilities curve shifts when there is a change in resources or a change in technology. Understanding the general concept will help you understand the idea of economic growth, but keep in mind that a real economy is not this simple or predictable. The PPC just introduces these ideas, the details come later.
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