Identify the economic concept illustrated by the production possibilities frontier.

1 answer:

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The economic concept illustrated by the production possibilities frontier was the combinations of outputs that lie on the PPF which helps to illustrate the concept of <u>production efficiency</u>.

<h3>What is a production possibility frontier?</h3>

This refers to an economic graph that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently employer.

In the macroeconomics branch, the production possibility frontier shows the point in which a country's economy is at its most efficient, producing consumer goods and services by optimally allocating resources.

In conclusion, the production possibility frontier also considers production factors and determines the best combinations of goods.

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