4) PPF's Flashcards
1
Q
What is a PPF?
A
A curve which shows the maximum potential level of output of one good given a level of output for all other goods in the economy
2
Q
What are Capital goods?
A
Goods that are used in the production of other goods such as factories, offices, roads, machines and equipment
3
Q
What are consumer goods?
A
Goods and services that are used by people to satisfy their needs and wants
