The production possibility frontier (PPF) is a curve on a graph that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture. The PPF is also referred to as the production possibility curve. PPF also plays a c...
The production possibility frontier (PPF) is a curve on a graph that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture. The PPF is also referred to as the production possibility curve. PPF also plays a c...
Related Lessons Related Courses Using the Production Possibility Curve to Illustrate Economic Conditions Production Possibilities: Definition, Model & Shifts Production Possibilities Curve | Definition, Graph & Example Trade-Off in Economics | Definition, Theory & Examples Start...
Which one of the following statements is correct? (a) Most production possibilities curves illustrate decreasing marginal opportunity costs (b) Relative scarcity is no longer a central idea in economics because we are in an age of abundance (c) The produc The following table sets out ...
What Is the Purpose of the Production Possibility Frontier in Economics? Because the PPF is a curvebased on the data of two variablesrepresenting resources between two goods, the data can be manipulated to observe how scarcity,growth, inefficiency, efficiency, and other factors can affect production...