Production possibilities frontier | Microeconomics | Khan Academy

Tradeoffs for a hunter gatherer and the production possibilities frontier, and the notion of "ceteris paribus" (which means "everything else held equal").

Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course

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[twekggj]

keep in mind, "Production Possibility Frontier"
Is also called "Production Possibility Curve"
Not sure why, but yea...

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[grunklesmuff]

While the Production Possibilities Frontier (PPF) is a valuable tool for understanding trade-offs and resource allocation in economics, it's essential to approach it with a measured perspective. The PPF makes certain simplifications and assumptions to provide a clear representation, but these should be acknowledged. Its static nature assumes other factors remain constant, and it doesn't account for dynamic changes over time, such as technological advancements or shifts in resources. Additionally, the PPF assumes consistent, identical and interchangeable resources, which might oversimplify the diverse nature of inputs in real-world production. Not to vilify it, the PPF is a great and useful model, but it does make assumptions that you should take with a grain of salt, as Sal mentioned in the Khan Academy video focused on economic models.

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