Difference between revisions of "Production possibilities frontier"
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| − | [[Production possibilities frontier]] is a diagram that shows the combinations of output that are possible for an economy to produce. | + | [[Production possibilities frontier]] (also known by its acronym, [[PPF]]) is a diagram that shows the combinations of output that are possible for an [[economy]] to produce. |
Latest revision as of 23:59, 20 June 2020
Production possibilities frontier (also known by its acronym, PPF) is a diagram that shows the combinations of output that are possible for an economy to produce.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Production possibilities frontier. A diagram that shows the combinations of output that are possible for an economy to produce.
