the possible combinations of two goods that can be produced in a certain period of time under the conditions of a given state of technology and fully employed resources
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Law of increasing opportunity costs
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as more of a good is produced, the opportunity costs of producing that good increase
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productive efficiency
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the condition where the maximum output is produced with the given resources and technology
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productive inefficiency
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the condition where less than the maximum output is produced with the given resources and technology
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productive inefficiency
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the condition where less than the maximum output is produced with the given resources and technology; implies that more of one good can be produced without any less of another being produced
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technology
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the body of skills and knowledge involved in the use of resources in production; commonly increase the ability to produce more output with a fixed amount of resources or the ability to produce the same output with fewer resources
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comparative advantage
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the situation where someone can produce a good at lower opportunity cost than someone else can