The Production Possibilities Frontier
Not what you're looking for?
One of the basic premises in Economics is that we have unlimited wants but limited resources that can be used to satisfy these wants. Accordingly, we have to make choices in terms of what resources we use and what products we will produce with those resources.
Briefly describe how the Production Possibilities Frontier illustrates the concept of scarcity described above.
Purchase this Solution
Solution Summary
This solution reiterates how the Production Possibilities Frontier illustrates the concept of scarcity.
Purchase this Solution
Free BrainMass Quizzes
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.