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Module 3
The Production Possibilities Curve
4
Economics
12th Grade
02/04/2013
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Term
trade-off
 Definition
Made when you give up something in order to have something else.
Term
production possibilities curve
 Definition
Illustrates the trade-offs facing an economy that produces only two goods. It shows the maximum quantity of one good that can be produced for each possible quantity of the other good produced.
Term
efficient
 Definition
There is no way to make anyone better off without making at least one person worse off.
Term
technology
 Definition
The technical means for producing goods and services.
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