Question
Show on a PPF framework how the following are represented a - scarcity of recourses b - trade offs c- opportunity cost d- productive efficiency
Show on a PPF framework how the following are represented
a - scarcity of recourses
b - trade offs
c- opportunity cost
d- productive efficiency
e - unemployed resources
I know that scarcity of resources is when companies have a limited supply of resources to produce their product. They have to make sure they are producing something efficiently enough to maximize their resources
The trade off is in order to produce a particular product that is doing well, they have to stop manufacturing something else to use those resources for the original main product. And because of the trade off lies there opportunity cost. They are sacrificing one for another.
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