production possibility curve

Essay specific features

 

Issue:

Business

 

Written by:

Timothy M

 

Date added:

December 6, 2015

 

Level:

University

 

Grade:

A

 

No of pages / words:

2 / 513

 

Was viewed:

8400 times

 

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Essay content:

The resources available for production are the land, the capital, the technology and the labor. The PPC shows there are limits to production, so the Botswana economy, to achieve efficiently, must decide what combination of maize and shirts can be produced. In general terms, the maize and shirts trade off can refer to Botswana's more general and real world choice between becoming a more agricultural society and becoming a more manufacturing oriented society...
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Reallocating available resources creates an opportunity cost. Choosing more output of shirts usually means giving up output of maize. In order for Botswana to produce more maize, it must give up some of the resources it uses to produce shirts (point A). If shirts are in demand, the cost of increasing its output is proportional to the cost of decreasing output of maize...
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