Production possibilities curve - is a curve on a graph that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture. The PPF is also referred to as the production possibility curve., Underutilisation - a situation of not utilizing machines or resources to the fullest capacity or the production capacity. Impacts profits of businesses and hence are a matter of concern for the management. Affects labour, raw materials, etc., Opportunity Cost - the potential benefits that a business, an investor, or an individual consumer misses out on when choosing one alternative over another., Productive capacity - reflects the potential output of an economy and depends on size of workforce, productivity of labour, capital stock, raw materials, technology, tax, law and order , Efficiency - measurable ability to avoid making mistakes or wasting materials, energy, efforts, money, and time while performing a task. In a more general sense, it is the ability to do things well, successfully, and without waste.,

Production and Efficiency

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