Asked by ?????? ??????? on May 01, 2024
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If the economy produces 36 consumer goods and 12 capital goods the economy would be producing __________________ (outside/on/inside)the production possibilities curve.
Production Possibilities Curve
A graphical representation that shows the maximum quantity of one good that can be produced for every possible quantity of another good produced, given the available resources and technology.
Consumer Goods
Products and services that are purchased for personal use or consumption by the general public.
Capital Goods
Goods that are used in producing other goods and services rather than being bought by consumers.
- Ascertain spots of high, low, and impossible productivity on the Production Possibility Curve.
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Learning Objectives
- Ascertain spots of high, low, and impossible productivity on the Production Possibility Curve.
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