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AP Microeconomics - The Production Possibilities Curve (PPC)

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Describe the law of increasing opportunity cost.

As you produce more of any good, the opportunity cost will increase

What is the process for using economic models?

1: Explain the concept in words 2: Use numbers as examples 3: Generate graphs from the numbers 4: Make generalizations using the graph

What are the four key assumptions of the production possibility curve?

1. Only two goods can be produced 2. All resources are fully employed 3. Resources are fixed 4. Technology is fixed

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Institution Junior / 11th grade
Course Microeconomics

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1.3: The Production Possibilities Curve (PPC)

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AP Microeconomics notes from Unit 1, Section 3: These notes cover the production possibilities curve, also known as the PPC. The PPC is a critical concept in economics that helps economists visualize the relationship between supply and demand.

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