production possibility curve |
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Definition
Graphical representation of the alternative combinations of the amounts of two goods or services that an economy can produce by transferring resources from one good or service to the other. This curve helps in determining what quantity of a non-essential good or a service an economy can afford to produce without jeopardizing the required production of an essential good or service. Also called transformation curve.
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production possibility curve is in the Economics, Politics, & Society subject.
production possibility curve appears in the definition of the following term: transformation curve
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