A production possibilities frontier (PPF) is a function that shows the different combinations of two goods that can be produced by a country, firm, or any other economic agent, given a fixed initial endownment of factors of production that is totally consumed. Therefore, the points in the function take the following form: (x ,y)= (quantity produced of good x, quantity produced of good y).
The PPF function also represents two crucial economic concepts: efficiency and opportunity cost. The opportunity cost is defined as the value of the best alternative rejected when making a decision. When moving along the PPF line, if a combination is chosen so that a extra unit of good x is produced, some units of good y need to be given up (due to the fixed amount of inputs available). Those given up units would constitute the opportunity cost.
<u>Combinations of x and y located along the curve are efficient because they represent output quantities obtained by using the whole factor endowment available.</u> Points located below the curve are considered inefficient because they represent inferior levels of production than the ones that could be generated given the amount of resources available. On the other hand, points located above the PPF curve are impossible, because they represent bundles of x and y that cannot be manufactured given the initial endowment of resources.
Answer: To the Romans, the sea formed a major focal point of Greek culture and civilization.
The Bible can be harmful when someone uses its content for evil. Even though the Bible is meant to inspire hope and love in modern Christian theology, people can twist its words in a negative way and use it to justify negative actions. Alcohol, on the other hand, was often seen as a negative; but it is all about the person using it,
His likes:
Decreasing of taxes,
reducing import taxes ( espically with japan),
having natural prices
Dislikes:
government improving the lives condition and helping with economic turndowns,
stricter car safety laws,
lowering gas cost,
creating more jobs positions and helping world hungry and jobless citizens,
and me.