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.
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Answer: Paul Joseph Goebbels (29 October 1897 – 1 May 1945) was a German Nazi politician who was the Nazi Gauleiter (district leader) of Berlin, chief propagandist. One of the factors that helped the Nazis rise to power was propaganda. The Nazis used propaganda throughout the late 1920’s and early 1930’s to boost Hitler’s image, and, as a result of this and other aspects, he became extremely popular. In this image, Hitler can be seen crowded around by a group of young men.
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Hernan Cortés invaded Mexico in 1519 and conquered the Aztec Empire.
