| 单词 | production possibility frontier |
| 释义 | production possibility frontier A diagram showing the maximum output of one good or service possible with the available resources, given the output of other goods. In a two-dimensional diagram with its origin at the SW corner, the production possibility frontier (PPF) usually slopes downwards: its slope shows the opportunity cost of each good in terms of the other. Limited supplies of specific factors of production, and differences in factor proportions between industries, tend to make the PPF concave to the origin. Increasing returns in one or both industries tend to make it convex to the origin. A PPF can be drawn up for a firm, an industry, a country, or the world as a whole. The horizontal axis shows output of good X; the vertical axis shows output of good Y. ABC shows the maximum amount of either good that can be produced consistent with any given output of the other, through efficient use of the available factors of production. This is the production possibility frontier. ABC is normally downward sloping at all points, including A and C. ABC may be concave or convex downwards at any point, according to the production functions for the two goods. ABC tends to be made concave by decreasing returns to scale in either industry, or by differences in the factor proportions used by the two industries. ABC tends to be made convex downwards by increasing returns to scale in either industry. ABC must be concave if there are constant or decreasing returns in both industries, and the factor proportions used are different. |
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