Production Possibilities Model

This video on Production Possibilities Model and you will find the following topics.

.Our first model, hooray!
.Assumptions for the PPF model
.PPF table
.PPF, scarcity, and opportunity cost.
.Graphical representation of PPF.
.Complete PPF
.Graph of the complete PPF
.Interior points.
.Exterior point.
.Shifts in the PPF.
.Technological change
.Technological change (cont.)
.Technological progress in machines
.Economic growth and the PPF.
.Economic growth
.Slope of the PPF
.Law of increasing opportunity costs.
.Concave (bowed out) PPF and Increasing Opportunity Costs
.A linear PPF.
.What would be the underlying assumption for a linear PPF?
.A convex PPF.
.Decreasing marginal costs.