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The world of economies is based on factors like resources, opportunity cost, allocable resources, scarcity, and concepts that affect the economy on macro and micro levels.
Entrepreneurship combined with land, labour, and capital can together earn profit. In contrast, PPF refers to the graphical representation(for comparison) of possible combinations of rates of two commodities produced with the same amount of resources, within the given duration and with the right workforce.
It is also represented by the production possibility curve, where the comparison tries to find how the level of production at one level, and the decrease or increase of one commodity production, impacts the other.
The method maximises the potential output of one of the commodities concerning the other.
The representation of the curve can be a straight line, and depending on the elements, it can be made into an equation.
It helps define society's choice for a given combination of goods and services for different investment options.
The curve represents several concepts related to commodity substitution bias, production efficiency, allocation, and other resources.
The term PPF assumes certain constants, like the need of people is unlimited and the resources involved are limited, but there can be alternatives available where two different commodities can be compared; even so, in reality, the impact of using one and related factors is a constant.
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