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WordNet-Online
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Definitions from the WebProduction Possibilities CurveDescription:The production possibilities curve, also known as the production possibilities frontier, is a graphical representation of the various combinations of two goods or services that an economy can produce efficiently, given its available resources and technology. It visually demonstrates the trade-offs and opportunity costs faced by an economy when choosing how to allocate its limited resources. Sense 1:Part of Speech: NounDefinition: A graphical representation of the different combinations of goods or services that can be produced within an economy. Example Sentence: The production possibilities curve illustrates the maximum amount of goods that can be produced given the available resources and technology. Sense 2:Part of Speech: NounDefinition: A tool used in economics to analyze the efficiency and potential output of an economy. Example Sentence: By studying the production possibilities curve, economists can evaluate the trade-offs involved in allocating resources between different industries. Sense 3:Part of Speech: NounDefinition: A concept used to explain the relationship between the production of two goods in an economy. Example Sentence: The production possibilities curve illustrates the inverse relationship between the production of guns and butter in a nation. Related Products: | ||||
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