Production Possibility Frontier & its Relation to Other Costs
Journal Title: International Journal of Tax Economics and Management - Year 2019, Vol 2, Issue 1
Abstract
A production–possibility frontier (PPF) or production possibility curve (PPC) is a curve which shows various combinations of set of two goods which can be produced with the given resources and technology where the given resources are fully and efficiently utilized per unit time. One good can only be produced by diverting resources from other goods, and so by producing less of them. This tradeoff is usually considered for an economy, but also applies to each individual, household, and economic organization.
Authors and Affiliations
Sanabil Almubidin
Keywords
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