Map of nj

Map of nj for A similar exercise can be carried out to determine all other remaining points in the PPF. The PPF describes, therefore, all combinations of goods and services that can be produced in an economy when all of its resources are fully employed, and efficiently so. Note that, if it were to increase the production of any good, say to produce one more unit of good x, additional resources would have to be allocated for that purpose. However, if the economy were already functioning at its limit, with full employment”that is, if the economy were at its PPF”then resources previously used in alternative activities would have to be displaced and their production levels reduced. This would represent the opportunity COST of the additional unit of x. Hence, the PPF implicitly defines the opportunity cost of producing one more unit of each good in terms of what has to be given up in the production of other goods. It is noteworthy that the opportunity cost of a good need not be constant, and in general it is not. Map of nj 2016.

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