Production possibility frontier PPF also called production possibility curve PPC is A graph that shows all the combinations of goods and services that can be produced if all of society’s resources are used efficiently.
All points below and to the left of the curve (production possibility frontier) represent combinations of Beer and Wine that are possible for the society given the resources available and existing technology.
Although an economy may be operating with full employment of its land, labor, and capital resources, it may still be operating inside its ppf (production possibility frontier), at a point such as A. The economy could be using those resources inefficiently.
Periods of unemployment also correspond to points inside the ppf (production possibility frontier), such as point A.
Moving onto the frontier like point B means achieving full employment of resources.
Points above and to the right of the curve, such as point C, represent combinations that cannot be reached.
If an economy were to end up at point A on the graph, it would be producing no consumer goods at all; all resources would be used for the production of capital. If an economy were to end up at point B, it would produce only consumer goods.
The ppf illustrates a number of economic concepts. One of the most important is opportunity cost. The opportunity cost of producing more Beer is fewer Wine.
0:00 PPF Production Possibility Frontier
3:00 Opportunity cost on the PPF
#productionpossibilityfrontier #ppfexplained#ppcexplained #economics
In this video we explain go over a sample homework problem which looks at how we can calculate the opportunity cost of two goods just by looking at the related PPC / PPF!
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Timestamp for the video:
0:00 Introduction
1:08 Opportunity costs
4:39 Production possibility curve (PPC)
8:11 Shape of PPC
9:36 Resource allocation and PPC
11:11 Changes /Shift in PPC
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Production possibility curve एक ऐसा curve है जो two goods की various possibility को show करता है, जिसे एक firm produce कर सकती है, जब वो अपने सभी resources and technology को fully utilise karti hai ,
लेकिन resources ki quantity increase करे या decrease या technology में change karne पर
Prodiction possibility curve shift करता है या rotate करता है।
Shift——– जब दोनो goods की technology or resources में change आता है तो PPC shift करता है।
Rotate,——-जब किसी एक good की technology or resources में change आता है तो PPC rotate करता है।
To understand this watch this video .
In this video you will also be able to understand what is effect of
Demonetization, make on india project, and clean india mission on PPC
Production possibility curvehttps://youtu.be/RGLCJskGaeA
Production possibility curve and opportunity cost
Points on production possibility curvehttps://youtu.be/YpTqmAp8tNQ
हमें इकोनॉमिक्स क्यों पढ़नी चाहिए/ economics padne के फायदे/ https://youtu.be/sudPOYl9xww
Why is the Production Possibility Curve (PPC) or Production Possibility Frontier (PPF) concave? What does increasing opportunity costs mean? When we increase production, why does it seem that we have to sacrifice more and more resources? What are the limitations to this economic model?
In addition, how does this PPC model illustrates the concept of opportunity cost? In what way does it show that resources are limited? Where are the points that show under-utilization of resources, full utilization of resources? Where is productive efficiency achieved? Can there be more than 1 productively efficient point? What is the difference between productive efficiency and allocative efficiency?
Assumptions to this model:
We assume that there are only two types of goods produced in this economy.
We also assume that technology does not change.
This economic model is no doubt an oversimplification of how the real world works. So what are the implications?
