It illustrates four basic concepts: first, the scarcity of resources is implicit in that all combinations of output lying outside it are unattainable.
It illustrates four basic concepts: first, the scarcity of resources is implicit in that all combinations of output lying outside it are unattainable. Second, choice is reflected in the need for society to select among the various combinations of goods lying on it. Third, its downward slope implies the notion of opportunity cost, while finally, its concavity reveals increasing opportunity costs. For ten points, on what economic curve does each point represent some maximum output of any two products?
It illustrates four basic concepts: first, the scarcity of resources is implicit in that all combinations of output lying outside it are unattainable.
production possibilities curve