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What is a production possibility frontier

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What is a production possibility frontier

Posted by Chams Riddi 6 years, 6 months ago

CBSE > Class 11 > Economics

1 answers

Gaurav Seth 6 years, 6 months ago

Production possibility frontier or production possibility curve shows all possible combinations of two set of goods that an economy can produce with available resources and given technology, assuming that all resources are fully and efficiently utilized.
Economizing of resources means utilisation of resources in best possible manner to maximize output.
Production Possibility Frontier or Curve Features(a) Slopes downward from left to right because if production of one commodity is to be increased then production of other commodity has to be sacrificed as there is scarcity of resources.(b) Concave to the origin because of increasing marginal opportunity cost or (MRT)
The Production possibility curve will shift under following two condition:(a) change in resources, (b) Change in technology of production for both the goods.
Rightward shift of PPF shows increase in resources or improvement in technology.Ex- Labour becoming more skilled, improvement in technology, increase in productivity of land.
Leftward shift of PPF shows the decrease in resources or degradation of technology in the economy.
The Production possibility curve will rotate outward under following two condition: (a) Improvement in technology in favour of one commodity (b) Growth of resources for the production of one commodity

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