-production possibilities graph (PPG)-shows alternative ways to use resources
-PPC-production possibilities curve
-PPF-production possibilites frontier
-opportunity cost-next best alternative
-productive efficiency-products being produced in least costly way
-allocative efficiency-products being produced are ones society most desires
-Law of Increasing Opportunity Cost (aka Law of Diminishing Return)-states that as production of a product increases, the cost to produce an additional unit of that product increases as well
Learn more about these graphs here:
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