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Introduction
Question
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Define the production possibility curve (PPC).

Answer

PPC shows all combinations of two goods which can be produced with available technology and full and efficient use of given resources.

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Some More Questions From Introduction Chapter

 How is PPC affected by unemployment in the economy? Explain.

Massive unemployment shifts the PPC to the left. Defend or refute.

What is meant by resources?

What do you understand by the term 'individual' in economics?

What is meant by goods?

Define services.

What is meant by commodities?

What is meant by an economy?

What are vital functions of an economy?

Name three basic economic activities of life.