Examlex
The equation of exchange applies only in the short run.
Production Possibility Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs and production technology.
Efficient Allocation
The optimal distribution of resources among competing uses to maximize output or welfare.
Ppf (Production Possibility Frontier)
A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology, when resources are fully and efficiently utilized.
Efficiently
Achieving maximum productivity with minimum wasted effort or expense.
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