Examlex
Which of the following is the correct product of the conditions shown?
Production Possibility Frontier
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, technology, etc.), assuming all resources are fully and efficiently utilized.
Labor Force
The total number of people who are employed and those actively seeking employment in an economy.
Bowed Out
A term used to describe the shape of a production possibilities frontier that demonstrates increasing opportunity costs.
Resources
This term refers to assets, materials, and components that can be used to produce goods and services.
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