Production possibilities curve flashcard sets

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1-1 of 1Production possibilities curve flashcard sets
# Title Terms Date
1Production Possibilities Curvesby sendatsu5 termsAugust 20, 2009
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production possibilities curve definitions
# Definition Sets
1a graph that shows alternative ways to use an economy's resources13 sets
2a graph that describes the maximum amount of one good that can be produced for every possible level of production of the other good.3 sets
3a curve showing the different combinations of two goods or services that can be produced in a full-employment, full-production economy where the available supplies of resources and technology are fixed3 sets
4a graph that describes the maximum amount of one good that can be produced for every possible level of production of the other good3 sets
5graph that shows alternative ways to use an aconomy's resources2 sets
6graph shows alternative ways to use economies resources2 sets
7graph that shows alternative ways to use an economy's resources2 sets
8a graph that shows alternative ways to use an economy's productive resources2 sets
9graph that describes the maximum amount of one good that can be produced for every possible level of production of the other good2 sets
10an economic model to show the maximum combinations of goods and services that can be produced from a fixed amount of resources1 set
11graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time1 set
12a graph that shows alternative ways to use an econmy's resources1 set
13(demonstrate concepts of scarcity, choice and tradeoffs) curve representing all possible combinations of total output that could be produced assuming (1) fixed amount of productive resources of a given quantity (2) the efficient use of those resources1 set
14a curve showing the different combinations of two goods or services that can be produced in a full eimployment, full production economy where the available supplies of resources and technology are fixed; within the curve an economy is not fully utilizing all of its resources1 set
15scientific method that represents or models the central concept underlying that of limited resources1 set
16the alternative combinations of final goods and services that could be produced in a given time period with all available and limited resourcs and technology.1 set
17a curve that shows alternative ways to use an economy's resources1 set
18a curve representing all possible combinations of maximum outputs that could be produced assuming a fixed amount of productive resources of a given quality1 set
19show alternative ways of using country's resources1 set
20a curve that displays the different combinations of goods and services that society can produce in a fully employed economy, assuming a fixed availability or supplies of resources and constant technology1 set
21a curve that defines the opportunity set for a firm or an entire economy and gives (outputs) that can be produced from a given level of inputs1 set
22a curve showing the different combinations of two goods or services that can be produced in a full-employment, full-production economy where the available supplies of resources and technology are fixed.1 set
23identifies the amount of two different goods or services that can be produced with a given amount of resources when those resources are fully employed1 set
24curve that shows alternative ways to use an economy's resources1 set
25a curve that defines the opportunity set for a firm or an entire economy and gives the possible combination of goods (outputs) that can be produced from a given level of inputs1 set
26a graph that shows alternative ways to use the economy's productive resources1 set
27shows the maximum output of two products1 set
28it is the maximum production possible given existing (fixed) resources and technology. producing on the curve means resources are fully employed, while producing inside the curve means resources are unemployed. the law of increasing opportunity cost is what gives the curve its distinctive convex shape.1 set
29shows alternative ways to use an economy's productive resources1 set
30a curve showing the different combinations of two goods or services that can be produced in a full-employment, full-production economy where the available supplies of resource and technology are fixed1 set
31a graph that represents the maximum an economy can produce based on given inputs1 set
32model shown that shows the maximum combinations of goods and services that can be produced from a fixed amount of resources1 set
33displays the different combinations of goods and services that society can produce in a fully employed economy, assuming a fixed availability of supplies and resources and constant technology1 set
34a curve that shows the possible combinations of goods and services available to an economy, given that all productive resources are fully employed and efficiently utilized1 set
35show the production possibilities for a country1 set
36a graph that show the combinations of output that the economy can possibly produce given the available factors of production and the available production technology1 set
37a curve showing the different combinations of two goods or services that can be produced in full-employment, full-production economy where the available supplies of resources and technology are fixed1 set
38a graphical representation of the production choices facing an economy1 set
39it illustrates the fundamental problem of scarcity1 set
40this model is based on the premise of only two products can be produced by this economy1 set