Draw a production possibility curve and show the following situations

Asked by admin @ 02/08/2021 in Economy viewed by 383 People

Draw a ppc and show the following situation

1 Fuller utilisation of resources
2 Economic growth
3 decrease in resources
4 under utilisation of resources

Answered by admin @ 02/08/2021

Firstly refer to the attachment .

${\boxed{\mathsf{\blue{Fuller\: utilisation\:of\: Resources}}}}$ -

Any pointpoint on the production possibility curve like point P corresponds to fuller as well as efficient utilisation of resources. It showsshows the potential level of output potential level of output refers to the maximum level of output which can be produced with the given resources and technology .

${\boxed{\mathsf{\blue{Under\: utilisation\:of\: Resources}}}}$ -

Any pointpoint inside the production possibility curve such as F and G corresponds to underutilization or in efficient utilisation of the resources .

Both these refer to IMG 1st .

${\boxed{\mathsf{\blue{Economic\: growth}}}}$ -

Economic growth will occur when the resources will increase or the utilisation of the resources will be more efficient than earlier this can be possible also with the introduction of new technology all this result in the growth of economy of that country or state .

Refer to IMG 2nd

${\boxed{\mathsf{\blue{Decrease\:of\: Resources}}}}$ -

decrease of resources is possible when the resources present in the economy becomes underutilized. The level of production will decrease and represented by a shift in the production possibility curve in the leftward side .

Refer to IMG 3rd .

Draw a production possibility curve and show the following situations

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