In business analysis, the production possibility frontier PPF is a curve that illustrates the variations in the amounts that can be produced of two products if both depend upon the same finite resource for their manufacture. PPF also plays a crucial role in economics. It can be used to demonstrate the point that any nation's economy reaches its greatest level of efficiency when it produces only what it is best qualified to produce and trades with other nations for the rest of what it needs. The PPF is also referred to as the production possibility curve or the transformation curve. That is, there are just enough apple orchards producing apples, just enough car factories making cars, and just enough accountants offering tax services. If the economy is producing more or less of the quantities indicated by the PPF, resources are being managed inefficiently and the nation's economic stability will deteriorate.
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The Production Possibility Frontier (PPF): Assumptions, Characteristics and other Details
The basic resources available to a society are often referred to as factors of production , Or simply factors. The three key factors of production are land, labour, and capital. The process that transforms scarce resources into useful goods and services is called production. Resources or factors of production are the inputs into the process of production; goods and services of value to households are the outputs of the process of production.
One of the central principles of economics is that everyone faces tradeoffs because resources are limited. These tradeoffs are present both in individual choice and in the production decisions of entire economies. The production possibilities frontier PPF for short, also referred to as production possibilities curve is a simple way to show these production tradeoffs graphically.
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