The boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology is called ________. production possibilities frontier invention prospects boundary creativity production border manufacturing options perimeter

Q: The various combination of goods that can be produced in any economy when it uses its available…

A: The various combination of the goods that can be produced in an economy certain when the available…

Q: Formalist definition ofo economics a)treats scarity as a universal reality. b)assumes that people…

A: Economics: - Economics is the study of the human behavior of taking different decisions to satisfy…

Q: Q16. In a competitive market, all of the choices along the production possibility frontier display_…

A: Productive and allocative are two types of economic efficiency.

Q: Draw a production possibility frontier showing the trade-off between the production of apples and…

A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…

Q: What is the circular flow diagram, and what does it demonstrate?

A: ((Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: source Allocation B. Resource Utilization C. How to maximize individual economic unit D. General…

A: Microeconomics is the branch of economics in which we study individual behavior regarding decision…

Q: Tony and Patty produce skis and snowboards. The tables show their production possibilities. Each…

A: According to the Tony's production possibilities, Tony can produce either 25 snowboards or 50 skis…

Q: Types of Production A B E Capital Goods 10 20 30 40 Consumer Goods 75 68 54 47 Draw a production…

A: Production possibility curve (PPC) depicts the different combination of two goods that a nation can…

Q: D Bread 10. Refer to Figure 1. An economy is operating at full employment, and then workers in the…

A: The PPC is the production possibility curve that illustrates the different combinations of two…

Q: Which economic activity is a praxis through which people transform nature to meet their needs in the…

A: In terms of economics, praxis is the process in which the transformation of subjectivity is done…

Q: The individual production points on each person's production possibilities frontier represent their…

A: Production possibility curve is used to represent the maximum amount of output that an individual…

Q: Distinguish between Micro and Macroeconomics

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Resource development is Multiple Choice the part of economics that looks at the operation of a…

A: Resource development refers to the development of resources in an economy. Resources should be used…

Q: Production at a point inside the production possibilities frontier is unattainable and inefficient…

A: A production possibilities curve shows the various combinations of two goods that an economy can…

Q: Question 17 Figure 3: Production possibilities frontier baneries bagels Refer to figure 3. Which of…

A: Which of the following events would explain the shift of the production possibilities frontier from…

Q: Using the Possibilities Production Frontier explain the concept of opportunity cost (moving from D…

A: Opportunity cost is calculated by taking the ratio of the sacrificed units by one to the gaining…

Q: Explain each of the factors of production and provide examples of each. (need to be clear and…

A: Production refers to the process of combining various resources (material and immaterial inputs) in…

Q: A point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but…

A: PPF represents various combination of two goods that can be produced within given resources.

Q: Assume that the people of Phobos and Deimos (the moons of Mars) use equal resources to produce…

A: Answer: (a). Production possibility curve (PPC): a production possibility curve shows the different…

Q: Can you identify and explain your family’s interaction in the market for factors of production and…

A: The circular flow of money explains how money and goods are circulated between the household sector…

Q: Harry produces 3 balloon rides and 2 boat rides an hour. Harry could produce more balloon rides…

A: Production possibility curve shows the different combinations of two goods that can be produced with…

Q: production possibility curve shows the possible combination of two goods with utilization of…

A: A country has to choose which goods they produce because of the scarcity of resources. The scarcity…

Q: Hutch Technology makes computer monitors, which sell for $100 each. What is the opportunity cost of…

A: Opportunity cost: It is the loss of other alternatives when one alternative is chosen.

Q: The quantities shown are taken from a production possibilities frontier for an economy with…

A: Answer - Need to find- The blank in the table could be which value Given in the question- The…

Q: Microeconomics is best described as the study of a. economy-wide phenomena. b. how households and…

A: Economics comes from the Greek word which means management of households. In economics, we study the…

Q: Microsoft looked to restructure in part as a response to external pressure from increasing…

A: Basics:- Open System Approach:- In this way, an organization is influenced by its environment…

Q: A- We have studied the production technology. Explain the concept with an example.

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Suppose a society is producing capital and consumer goods. Draw production possibilities frontier…

A: The production possibility frontier (PPF) is a curve that depicts the variations in the quantities…

Q: How could a society manage to end up consuming a bundle of goods that is beyond its production…

A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…

Q: Production inefficiency occurs when production ____. is at any attainable point is at a point on…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Some large hardware stores such as Home Depot boast of carrying as many as 20,000 different products…

A: A market is a place where the buyers and the sellers meet and interact with each other through…

Q: Evidence accumulates that the use of chemical fertilizers, which increases agricultural production…

A: A. The production possibility curve indicates different combinations of two goods that can be…

Q: shows the possible combinations of two types of goods that can be produced when available resources…

A: The resources in the economy are limited. They are scarce as well. The human needs, however, are…

Q: assume county is in recession . assume the county only produces food and clothing draw a correctly…

A: A Production Possibility Curve (PPC) is a graph that shows all the possible combinations of two…

Q: Imagine a society that produces military goods and consumer goods, which we’ll call “guns” and…

A: a) A production possibility frontier shows combinations of goods produced by an economy.  Here given…

Q: Production Alternative Types of Production В C D E Capital Goods 10 20 30 40 Consumer Goods 75 68 54…

A: The given table shows two types of products that are capital goods and consumer goods, with five…

Q: Allocative efficiency is concerned with:         producing the combination of goods most desired by…

A: Resources should be allocated in an optimal way among different products. The right quantity of each…

Q: Explain why the goal of a society, production or consumption, has important implications for…

A: A policy is a set of rules intended to direct actions and provide objective results, particularly in…

Q: Economists use economic models to replicate real life situations for economic policy. Production…

A: Production possibilities frontier is a curve which represents all possible combinations of two…

Q: Practice Question 8:  Resubmitted Table 1 ​ James Lucy Wagons 16 18 Tricycles 32 24 Table 1…

A: Opportunity cost is the forgone benefit that would have been derived by an option not chosen.

Q: Which statement about economic systems is usually correct: Select one Oa The market system is based…

A: The economies, or nations around the world tend to operate with the presence of scarce resources.…

Q: Below is the microeconomics statement condition. Identity the type of economic system…

A: An Economic system is a network of organisations used by a society to resolve the basic problems of…

Q: Use the concept of the production possibility frontier to explain the basic economic principles of…

A: When faced with the option of creating two commodities or services, the (PPC) is a model that…

Q: Classify each resource used in production as land, labor, capital, entrepeneurs, or human capital.…

A: 1. Natural resources Labour Physical capital Entrepreneurs Human capital ore Lake Casitas The…

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.