Use a production possibilities frontier to describe and explain the idea of "efficiency".

Question:

Use a production possibilities frontier to describe and explain the idea of "efficiency".

Production:

Production is a significant element in economics, along with distribution and consumption. It is described as the process that involves putting together different material and immaterial inputs that include plans and their execution to create an output for consumption. Therefore, production is the act of creating a good or service that bears utility to satisfy the wants and needs of consumers. Furthermore, production operates under various factors such as capital, labor and land, which help in making the process complete.

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The production possibilities frontier (PPF) refers to a curve representing the combination of quantities produced of two different commodities if they...

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Production Possibilities Curve: Definition & Examples

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Chapter 11 / Lesson 28
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Understand what the production possibilities curve is, and learn how to construct and interpret a production possibilities curve along with the example.


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