Since the Food Supply Is Arithmetic, How Is It Possible

question 86

Essay

Since the food supply is arithmetic, how is it possible for there to be more food produced for each person in the world today than there was in 1950?

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Definitions:

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs, assuming all resources are fully and efficiently utilized.

Input Price Ratio

The ratio of the prices of the inputs used in the production of goods or services.

Absolute Advantage

A condition in which a country, individual, or company can produce a good or service at a lower cost per unit than competitors can.

Comparative Advantage

The ability of a country, individual, or company to produce a good or service at a lower opportunity cost compared to others.