Examlex
Find the indicated term of the sequence.
Production Possibilities
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, technology, etc.).
Trade-offs
Situations where making a decision to gain something entails losing something else, typically requiring a compromise or balancing act.
Technology
The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machinery, and systems.
Production Possibilities Frontier
The production possibilities frontier (PPF) is a curve depicting all maximum output possibilities for two or more goods, given a set of inputs.
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