micro quiz besok lahh

Production Possibilities Curve (PPC)

used to explain the basic econimic concepts of scarcity,choice,opportunity cost.

Factors that influence the shift of PPC

*economic growth

*improvement in technology

*population

there's three shape of PPC

*concave

*convex

*linear

economic systems is divided into three things

*capitalism

-characteristic

+freedom of enterprise&choice

+consumers sovereignty

+competition

+minimum goverment intervention

+price system

-merits

+economic freedom

+flexibility

+auto incentives

+efficient utilization of resource

-demerits

+social cost

+missallocation of resource

+inflation

*socialism

-characteristics

+public ownership of resources

+central planning authority

+central control&ownership

-merits

+social welfare

+better allocationof resource

+rapid economic development

-demerits

+lack of incentives&initiatives by individual

+absence of competition

+waste of economic resource

*mixed economy

-characteristics

+public&private ownership of resources

+goverment helps to control income disparity

goverment intervention in the economy

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