Production Possibiilty Frontiers (PPF) Flashcards
1
Q
PPF Diagram 3
A
Production Possibility Frontiers
A diagram used to represent the maximum output an economy can achieve when all resources are employed
Economics - Theme 1 (20 decks)
- Ceteris Paribus
- Positive & Normative Statements
- The Economic Problem
- Production Possibiilty Frontiers (PPF)
- Specialisation & Division of Labour
- Money
- Free Market Economy, Mixed Economy & Command Economy
- Demand & Supply 1.2
- Price, Income & Cross Elasticities of Demand 1.2
- Elasticity of Supply
- Price Determination
- Price Mechanism
- Consumer & Producer Surplus
- Indirect Taxes & Subsidies
- Types of Market Failure
- Externalities
- Public Goods
- Information Gaps
- Gov. Intervention in Markets
- Government Failure
