“Discuss the idea of the production possibility curve, you should talk about the elements and what would need to happen in order to shift the curve outward and what effect this will have on the economy.”

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The production possibility curve also referred to as the production possibility frontier is used to represent the quantity of two different types of goods produced in an economy holding resources and the technology used in the production constant. It is used to represent the preference of the members of a society between two different commodities. Other assumptions made when drawing the curve include…..

APA

335 words