In this lesson summary, review the key concepts, key terms, and key graphs for understanding opportunity cost and the production possibilities curve.

In this article, you’ll get a quick review of the production possibilities curve (PPC) model, including: 1. what it’s used to illustrate 2. key elements of the model 3. some examples of questions that …

Practice what you've learned about opportunity cost and the PPC model in this exercise. Topics include how to interpret the PPC, how the PPC shows opportunity costs, and how to represent …

The production possibilities curve (PPC) is a graph that shows all of the different combinations of output that can be produced given current resources and technology. Sometimes called the …

Each curve has a different shape, which represents different opportunity costs. The bowed out (concave) curve represents an increasing opportunity cost, the bowed in (convex) curve …

In this exercise, practice using data from a production possibilities curve to calculate opportunity costs.

In this video, Sal explains how the production possibilities curve model can be used to illustrate changes in a country's actual and potential level of output. Concepts covered include …

Practice what you have learned about the production possibilities curve (PPC) in this exercise.

The production possibilities frontier can illustrate two kinds of efficiency: productive efficiency and allocative efficiency. The following graph illustrates these ideas using a production possibilities …

The Production Possibilities Curve (PPC) is a model used to show the tradeoffs associated with allocating resources between the production of two goods. The PPC can be used to illustrate …