Examlex
Which of the following is not a primitive type?
Production Possibilities Frontier
Represents the maximum potential output of two goods or services an economy can produce when all resources are used efficiently, graphically illustrating opportunity costs and economic efficiency.
Outputs
The goods or services produced by a company or an economy over a certain period of time.
Increasing Opportunity Costs
A principle stating that as the production of a good increases, the opportunity cost of producing an additional unit of this good also increases.
Bowed-Out Shape
Describes a concave production possibilities frontier that reflects increasing opportunity costs as production of one good is increased.
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