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.


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