Economics Unit 1- Edexcel (A-level)

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JojoH
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Hey,
I really need help and good revision notes on the Production Possibility Frontier (PPF) ! I am really stuck here!
Anyone good at this?
Thanks
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TSR Learn Together
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hassan.arif97
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Well, the PPF shows "the total combinations of goods/services that can be produced when a given number of resources are fully utilised" - thats what you'd say as the definition to get you a mark in the multiple choice (or even data response?) questions.
Think of it like, you have 100 burger buns and 100 pieces of chicken and lamb steaks each. So you can either make 100 chicken burgers and no lamb, or 100 lamb and no chicken - these two points would be on either the x or y axis. Then the "curve" itself comes about because for example you could have: 20 chicken and 80 lamb, 30 chicken and 70 lamb ..... 70 chicken and 30 lamb and so a curve is plotted from 100 chicken to 100 lambs.
If however you're on the inside of this ppf curve, then you're not using all your resources (effectively) e.g you're only using 80 buns instead of 100. On the other hand, it's impossible to be 'above' or 'outside' the PPF curve, as you simply don't have the resources to produce so much at that given time (with 100 buns you can only make a maximum of 100 burgers). However you can SHIFT the PPF out by buying more buns and chicken/lamb, hence increasing your productive capacity
SOrry for the weird examples aha but i hope i helped somewhat, answering these questions is great for my unit 1 revision
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Swaany
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(Original post by hassan.arif97)
Well, the PPF shows "the total combinations of goods/services that can be produced when a given number of resources are fully utilised" - thats what you'd say as the definition to get you a mark in the multiple choice (or even data response?) questions.
Think of it like, you have 100 burger buns and 100 pieces of chicken and lamb steaks each. So you can either make 100 chicken burgers and no lamb, or 100 lamb and no chicken - these two points would be on either the x or y axis. Then the "curve" itself comes about because for example you could have: 20 chicken and 80 lamb, 30 chicken and 70 lamb ..... 70 chicken and 30 lamb and so a curve is plotted from 100 chicken to 100 lambs.
If however you're on the inside of this ppf curve, then you're not using all your resources (effectively) e.g you're only using 80 buns instead of 100. On the other hand, it's impossible to be 'above' or 'outside' the PPF curve, as you simply don't have the resources to produce so much at that given time (with 100 buns you can only make a maximum of 100 burgers). However you can SHIFT the PPF out by buying more buns and chicken/lamb, hence increasing your productive capacity
SOrry for the weird examples aha but i hope i helped somewhat, answering these questions is great for my unit 1 revision
Hey, here's the official thread for Edexcel Economics unit 1 in June 2014. Have a look!

http://www.thestudentroom.co.uk/show...117&p=47065281
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Swaany
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(Original post by JojoH)
Hey,
I really need help and good revision notes on the Production Possibility Frontier (PPF) ! I am really stuck here!
Anyone good at this?
Thanks
Need help on unit 1 economics? Take a look at the official thread below

http://www.thestudentroom.co.uk/show...117&p=47065281
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