The economy can produce 15x and 15y, 10x and 20y, 5x and 25y, or ox and 30y. it follows that the production possibility frontier (ppf) is a downward sloping straight line.
An economy is the area of production, distribution, trade and consumption of goods and services. Generally, it is defined as a social domain emphasizing practices, discourses, and material expressions related to the production, use, and management of scarce resources.
A standard definition of economics might describe it as: A social science focused on the satisfaction of needs and desires through the allocation of scarce resources with alternative uses. Going further, we can say that economics is the study of scarcity and choice.
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