Examlex
Identify the following terms.
-Qianlong
Production Possibilities Curves
A visual depiction that illustrates the highest possible mix of products and services achievable with a set amount of resources.
Shifted Inward
A term used in economics to describe a decrease in the production possibility frontier, indicating reduced capacity or efficiency.
Technological Progress
The advancement in technological capabilities leading to improved products, processes, or services.
Production Possibilities Curve
A visual chart that depicts the highest number of products or services that can be manufactured using a set amount of resources.