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Production possibility curve

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Mind Map on Production possibility curve, created by beena j on 18/03/2016.
beena j
Mind Map by beena j, updated more than 1 year ago
beena j
Created by beena j almost 10 years ago
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Production possibility curve
  1. Definition: It is the locus of different combination of goods that can be produced with the fixed resources in a 2 good economy.
    1. PP schedule
      1. PP curve
      2. Assumptions: 1. Amount of resources in the economy is fixed. 2. The technology is given and unchanged. 3. The resources are efficiently and fully employed. 4. No resource is equally efficient in productions of all the goods. 5. With the given resources only 2 goods can be produced.
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