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Kenya Thomas
on Nov 17, 2024

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With the resources it has, an economy can produce at any point on or outside the production possibilities frontier, but it cannot produce at points inside the frontier.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs.

Resources

The total means available for economic and political development, such as minerals, labor force, and finances.

  • Capture the essence of the production possibilities frontier and its effects.
  • Realize the economic implications of producing at various points on or inside the production possibilities frontier.
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JP
JaQue PattersonNov 23, 2024
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