what is ppf in economics Production Possibility Frontier PPF also known as Production Possibility Curve PPC is a concept that discusses this economic problem and illustrates how to make choices in a scarcity situation This model graphically represents a hypothetical situation of how to make a choice between two goods
Definition and diagrams of production possibility frontiers PPF Illustrating opportunity cost economic growth Pareto efficiency and impact of investment in capital goods In microeconomics a production possibility frontier PPF production possibility curve PPC or production possibility boundary PPB is a graphical representation showing all the possible options of output for two that can be produced using all factors of production where the given resources are fully and efficiently utilized per unit time
what is ppf in economics
what is ppf in economics
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The production possibilities frontier PPF for short also referred to as production possibilities curve is a simple way to show these production tradeoffs graphically Here is a guide to graphing a PPF and how to analyze it Economists use a model called the production possibilities frontier PPF to explain the constraints society faces in deciding what to produce As you read this section you will see parallels between individual choice and societal choice
The production possibility frontier is an economic model and visual representation of the ideal production balance between two commodities given finite resources A production possibilities frontier PPF also known as a production possibilities curve PPC is a graph showing combinations of two outputs that can be produced when both are made using the same finite or scarce resources
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The Production Possibility Frontier PPF is a graphical representation of the maximum possible output combinations of two goods or services an economy or individual can achieve when all resources are fully and efficiently employed Production possibility frontiers are an economic model that shows the maximum potential level of output of two goods that an economy can reach when all its resources are fully in use They can be used to show the concept of opportunity cost
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what is ppf in economics - The production possibilities frontier PPF for short also referred to as production possibilities curve is a simple way to show these production tradeoffs graphically Here is a guide to graphing a PPF and how to analyze it