Economics 10A (ECO10A) study guide veridied

Wants are numerous (unlimited), while the available means to satisfy these needs are scarce (limited). e. i. The production possibilities curve. ii. The origin (Here the two axes [horizontal and vertical] cross [or intersect] at the value 0.) iii. The horizontal line (the “flat” line from left at the origin to right in the graph) is called the horizontal axis (or x-axis). In this module, we will only work with positive values (like 1, 2, 3, 4, etc). To the right of the origin (the value of 0), the values become positive and increase as we move to the right. The production of two goods or services is indicated on the two axes of the production possibilities curve. You could therefore indicate any good or service on the horizontal axis, such as vehicles, pens, or apples (as in the diagram below).