1.03 Production Possibilities Curve
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Economic growth
Changes in the total output of a nation over time as a result of increased production, income, and wealth
Trade off
The act of giving up one thing in order to have more of another
Production Possibilities Frontier (PPF) and production possibilities curve
The graphical representation of the combination of two goods and/ or services that can be produced by an economy when using resource efficency. The production possibilities graph will appear on AP exam
Inefficiency
The waste that stems from the unproductive use of resources.