Examlex
Which of the following is included in M2?
Production Possibility Frontiers
These are curves that depict the maximum potential output of a combination of two goods or services that an economy can produce with available resources.
Opportunity Cost
Forgoing the benefit of the next preferable alternative comes at a cost during decision-making.
Production Possibility Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs and production technology.
International Trade
The swapping of commodities and services among different nations.
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