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Economics Year 1 - Micro > M1 PPF > Flashcards

M1 PPF Flashcards

1
Q

Production possibility diagram

A

A diagram that shows the different combinations that can be produced given a fixed resource stock

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2
Q

PPF

A

Represents what can be produced when all resources are fully employed

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3
Q

Feasable pints

A

What can be produced, lie on or belwo the ppf

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4
Q

Infeasable points

A

Resource limitations cannot reach beyond the line where the points are

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Economics Year 1 - Micro (3 decks)

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