We all have a tendency to desire more and want more in life. Doesn’t the world seem like a magical place when your parents let you know that you can have PS5 and the latest iPhone at the same time? However, that smile disappears when you want both and your parents’ say that you need to make your choice between the iPhone and PS5? Similarly, society as a whole cannot have everything they want, either. They face certain constraints and are required to determine what to produce as they have access to limited resources. These societal constraints and their need to make a decision are what production possibilities are all about.
It is most likely for you to be well-versed with this term if you are an economics student. Securing dream grades in this paper demands you to develop an innate knowledge and profound understanding of the intricacies associated with the fundamentals of Production Possibilities Frontier. Know you can always avail unsurpassed guidance at the world’s No.1 reliable assignment help company, MyAssignmentHelp.com. Nevertheless, you should also keep the following aspects in mind to write an exemplary paper and leave your strict Economics professors spellbound with flawless solutions.
Before we roll on to learn the factors responsible for the shift in production possibilities frontier outward, it is always wise to comprehend the importance of the term Production Possibilities Frontier in Economics.
Have a look here to find out what truly is the production possibilities frontier in economics-
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Outwards or inwards shift in the production possibility frontier curve are driven by changes in the total amount of available production factors or the advancements in the technology. If there is an increase in the total amount of production factors like labour or capital, then the economy will be able to produce more goods at any points along the frontier.
Conversely, during times of high unemployment and limited money supply, the frontier curve will retreat inwards. Then, the total quantity of goods that can be produced will decrease rapidly.
Apart from this, here are the ways of causing an outward shift of a country’s production possibility frontier-
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Now, you may be asked to deliver a stellar paper on the below-enlisted question like-
The correct answer will be e- an increase in the size of the labour force.
This is just a basic question example to clear the air about production possibilities frontier to you. You may have to work on more complicated problems in your academic papers. No need to panic if the problems seem too overwhelming and arduous for you to solve. Contact MyAssignmenthelp.com, and our PhD economists will do it all for you. Our team will provide you with detailed explanations as well.
You may also be provided with a question like given above and then asked to determine the statement that best demonstrates the concept of production possibilities frontier pertaining to the scenario.
For example:
The correct answer to the above question will be c- both a and b.
The correct answer to the above question is d- the availability of factors of production and the state of technology.
If you are still struggling to answer these kinds of questions, you need to seek assistance from the best subject matter experts without giving a second thought. You can even log on to our website to view remarkable samples to stand apart in the class with flawless solutions.
By now, we hope that you have a fair and comprehensive idea of the production possibility frontier. Let’s now try to figure out the trade-offs that the production possibility frontier illustrates.
You can be asked the below-enlisted questions in a spot-on economics test or your gruelling economics exams. These are as follows-
The correct answer to the above question is b.
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