Economical Queries the Field of Essay

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Before leap over the answer straightaway, it will be good to taste the flavor of PPC definition. There are different names by which economists' knows PPC. Production Possibility Curve (PPC) also called Production Possibility Frontier (PPF) or Product Transformation Curve (PTC) (Arnold, 2008). Basically the main theme of this curve is to apprise its users regarding the relationship between two modes of production also called resources or factors of productions.

Usually government officials use PPC to find the relationship between the productions of two things. In its ultimate decision, PPC apprises the government that what to choose to be manufactured and what to choose to scarify. Though, PPC describes the possible combinations of output that can be produced with a given set of inputs but it does not tell us who should receive the units and in what amount. Obviously no country would want to produce a product by sacrificing the other, so there will be a middle way to think about.

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In part c, we have seen that the opportunity cost of producing 5 additional units of education is '4' which means the country has to scarify four units of health care to produce 5 additional units of education. Actually we have to find a way by which we can reduced the gap of opportunity cost and for that purpose, we have to find a point where the country becomes able to produce almost the same units of both products. If the country becomes able to produce '12' units of education, then '13' units of health care will be produced and accounts for only '1' unit as opportunity cost which is the best possible distribution among units of education and units of health......

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