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Although Mr.Tong was obviously busy reading an absorbing novel,his 3-year-old daughter kept interrupting him with comments and questions about the TV cartoons she was watching.Before Mr.Tong becomes irritated with his daughter for being inconsiderate,he should be alerted to Piaget's concept of
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology constraints.
Marginal Rate Of Transformation
The rate at which one good must be sacrificed in order to produce an additional unit of another good, assuming efficient use of resources.
World Price Ratio
The rate at which quantities of goods from two countries are traded for each other.
Production Possibilities Frontier
A graph that represents all the highest production potentials for two products, based on a group of inputs that include resources and various factors.
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