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Frequently Asked Questions - Production Possibility Curve

FAQs - Production Possibility Curve

Using a production possibility curve, explain what is meant by opportunity cost. [6 marks]

The answer must include the following:

Definition of opportunity cost: the (next) best alternative foregone as a result of making a decision

Diagram of production possibility curve – axes correctly labelled and curve correct shape (bowed out or straight downward sloping)

Explanation – idea of moving along one axis has the effect of a reverse movement along the other axis

PPC curve

TAGS: PPC, Production Possibility Curve, Production Possibility Frontier

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