Question on: JAMB Economics - 2024
Which of the following is not emphasized in a product possibility curve?
Scarcity of resources
Unemployment of labour
Inefficiency in the use of resources
Economic development
The product possibility curve (PPC) illustrates the following:
Scarcity of resources: The PPC demonstrates that there are limited resources available to produce goods and services.
Unemployment of labor: Points inside the curve indicate unemployment of resources, including labor.
Inefficiency in the use of resources: Points inside the curve also represent inefficient use of resources.
Economic development: The PPC is a static model; it does not directly emphasize economic development. Economic development is usually shown as an outward shift of the PPC.
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