UOL Introduction to Economics - Production Possibility Curve

What is production possibility frontier?

It is a curve that shows the maximum output that the combination of factors of production (input) can achieve.

The factors of production include:

1. Land
2. Labour
3. Capital
4, Entrepreneur

In University of London, London School of Economics syllabus, the factors of production are labour (L) and Capital (K).

With Labour and capital constraint, the maximum output that an economy can achieve will be on the frontier (outlined by the red line in the diagram below). Every point on the curve is productive efficient, hence in order to gain more X, you need to give up Y and vice versa.

To find out more, read and follow:

http://uoltuition.com/1/post/2015/06/what-is-production-possibility-frontier.html

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