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THE PRODUCTION POSSIBILITY CURVE
Introduction The production possibility curve (PPC) is a curve which shows the maximum combination of two goods say Good X and Good Y that a country or an individual Can produce given its state of technology and the amount of resources in a given period of time. The Production possibility curve can also be known…
INTERNATIONAL TRADE OR FOREIGN TRADE
International trade can be defined as trade that involves the exchange of goods and services between two or more countries. The theory of international trade is based mainly on the economic principle of comparative cost put forward by David Ricardo. International trade different from internal or home or domestic trade in that internal trade is…
FACTORS OF PRODUCTION
The Factors of production are various economic resources used in the production of goods and services (output or commodities). They are also known as economic resources or inputs or agents of production. They are classified into Land, capital, Labour and Entrepreneur. I. LAND: Land refers to all the natural resources availble for production such as…
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