Question

Which economic model reveals the variety of options for what to do with your scarce time?

Supply curve
Demand curve
Income distribution curve
Production possibilities curve

Answer 1

The economic model that reveals the variety of options for what to do with your scarce time is the **Production possibilities curve (PPC)**. The PPC illustrates the trade-offs and opportunity costs associated with allocating resources (including time) to different activities, showing the maximum possible output combinations of two goods or services given a set amount of resources. In the context of time, it helps to visualize how time can be divided among various activities and the potential outcomes of those choices.