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Advantages of capitalism
- Production according to consumer's needs
- Economic freedom
- Efficient utilization of resources
- Variety of consumer goods
- Enhanced trade, business and R&D
When the country enjoys economic growth
PPC bounds outward
With natural disaster, economic will decline
PPC will shift to the left
Assumptions of PPC
- The economy is operating with full employment and production capacity
- Fixed amount of resources
- The state of technology are fixed throughout the production
Mix Economic System
Increase in population
PPC bounds outward
Law of increasing opportunity cost
As more good is produced, opportunity cost of producing the goods increase
For whom to produce?
Distribution of income among the factors of production (land, labour, capital, entreprise)
PPC is Linear
Constant opportunity cost
PPC is Convex
Decreasing in opportunity cost
PPC Shift in
- Economic growth
- Improvement in technology
- Population
Basic question in economics
- What to produce?
- How to produce?
- For whom to produce?
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