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This short lecture decribes in detail about the Production Posibility Curve (PPC) in Economics with Examples and diagram of Opportunity cost & the production possibilities curve, Production Possibility Frontier (PPF) in Principles of Economics.
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Production possibility frontier PPF also called production possibility curve PPC is A graph that shows all the combinations of goods and services that can be produced if all of society’s resources are used efficiently.
All points below and to the left of the curve (production possibility frontier) represent combinations of Beer and Wine that are possible for the society given the resources available and existing technology.
Although an economy may be operating with full employment of its land, labor, and capital resources, it may still be operating inside its ppf (production possibility frontier), at a point such as A. The economy could be using those resources inefficiently.
Periods of unemployment also correspond to points inside the ppf (production possibility frontier), such as point A.
Moving onto the frontier like point B means achieving full employment of resources.
Points above and to the right of the curve, such as point C, represent combinations that cannot be reached.
If an economy were to end up at point A on the graph, it would be producing no consumer goods at all; all resources would be used for the production of capital. If an economy were to end up at point B, it would produce only consumer goods.
The ppf illustrates a number of economic concepts. One of the most important is opportunity cost. The opportunity cost of producing more Beer is fewer Wine.
0:00 PPF Production Possibility Frontier
3:00 Opportunity cost on the PPF
#productionpossibilityfrontier #ppfexplained#ppcexplained #economics
Class 11 Economics | Introduction to Microeconomics – L3 | Production Possibility Curve and Production Possibility Frontier | CBSE Session 2022-23 | Padhle | Love Kaushik Sir
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#cbseclass11 #class11economics #introductiontomicroeconomics #economicsclass11 #padhle
📌Topics to be Covered:
class 11,
cbse class 11 economics,
class 11 economics,
class 11 microeconomics,
cbse class 11 microeconomics,
microeconomics class 11,
Economising of resources,
Fuller utilisation of resources,
Optimum utilisation of resources,
Optimal utilisation of resources,
Efficient utilisation of resources,
Full employment of resources,
Production possibility curve ( PPC ),
Production possibility frontier (PPF),
ASSUMPTIONS OF PPC,
ASSUMPTIONS OF PPF,
FEATURES OF PPC,
FEATURES OF PPF,
MRT,
MOC,
MARGINAL OPPORTUNITY COST,
MARGINAL TRANSFORMATION COST,
STRIGHT LINE PPC,
padhle,
padhle commerce,
📌Class Chapters:
00:00 – production possibility curve class 11
00:45 – utilisation of resources
02:30 – Production Possibility Curve Assumptions
23:33 – Production Possibility Curve
24:33 – assumption of ppc
25:32 – features of ppc
28:16 – how ppc shift from its place?
29:36 – causes of shift in ppc and ppf
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