Always keep an open mind, don’t worry too much about ‘compatibility’ and you’ll be sure to find some fantastic people; from there it’s all up to you.4.Be bold and make that first move You’re in control!Therefore, the production possibilities frontier represents all points where an economy is using all of its resources efficiently.
Traditionally, economists use guns and butter as the 2 goods when describing an economy's production options, since guns represent a general category of capital goods and butter represents a general category of consumer goods.
The tradeoff in production can then be framed as a choice between capital and consumer goods, which will become relevant later.
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move up and to the right on the graph) by reorganizing resources.
On the other hand, combinations of output that lie outside the production possibilities frontier represent infeasible points, since the economy doesn't have enough resources to produce those combinations of goods.
Here is a guide to graphing a PPF and how to analyze it.
Since graphs are two-dimensional, economists make the simplifying assumption that the economy can only produce 2 different goods.
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