Activities Necessary to Remain in Business Are Called Valuable Activities

question 100

True/False

Activities necessary to remain in business are called valuable activities.

---

Definitions:

Production Possibilities Frontier

A curve depicting the maximum attainable combinations of two or more products that may be produced with available resources and technology.

Inward Shift

Describes a decrease in the potential output of an economy, often visualized as a leftward shift of the Production Possibility Frontier (PPF).

Production Possibilities Curve

A graphical representation that shows the maximum possible output combinations of two goods that an economy can achieve with its existing resources and technology under full employment.

Alternative Good

A product that consumers can use in place of another; often considered when examining choices or preferences in consumption.