One of the central principles of economics is that everyone faces tradeoffs because resources are limited. Production and cost curves represent distinct relationships between different economic variables and these assessments will provide a way to check your understanding.
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A production possibility curve measures the maximum output of two goods using a fixed amount of input.
Reading a production possibilities curve worksheet answers. The production possibilities frontier ppf for short also referred to as production possibilities curve is a simple way to show these production tradeoffs graphically. What is the opportunity cost of moving from point a to point b. In this economics worksheet students respond to 12 short answer questions after they read a brief description of long run aggregate supply and the production possibilities curve.
Ppc practice answer key displaying top 8 worksheets found for this concept. Natural resources including land labor capital goods and entrepreneurship the manufacturing of most goods requires a mix of all four. Analyze the different locations of points on outside and inside a production possibilities curve.
Label the points where the economy would be efficient a underutilized b and unattainable c. Chapter 1 3 guided reading and review production possibilities curves as you read as you read section 3 complete the chart by indicating where on a production possibilities curve the following information is shown categories or specific goods or services to be compared horizontal and vertical axes range of choices in the combination of goods or services produced points plotted on the graph. The production possibilities curve is the most basic economic model.
This product includes a two page worksheet that can be used to reinforce or review the production possibilities curve. This quiz assesses students ability to draw properly label and interpret the production possibilities curve frontier model. These tradeoffs are present both in individual choice and in the production decisions of entire economies.
Some of the worksheets for this concept are production possibilities curve tradeoffs production possibilities frontier ppf work unit 1 microeconomics lesson 2 unit 1 basic economic concepts ppc 1041 deskbook practice aids unit 1 macroeconomics lesson 1 ppc tax deskbook and planning guides multiple choice on. Construct production possibilities curves using hypothetical data. 130 117 109 89 0 draw a production possibilities curve for robots and wheat using the data above.
This product is also included in my production possibilities curve doodle notes packet use this worksheet o as a review after teaching a less. Demonstrate and explain different shaped pro duction possibilities curves. Get free access see review.
A total of 12 questions are included. Apply the concept of opportunity cost to a pro duction possibilities curve. About this quiz worksheet.
The input is any combination of the four factors of production. This download includes two different forms of the two page quiz along with two different types of scor.
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