Chapter 4 - Production Possibility Frontier Flashcards
1
Q
Capital Goods
A
Goods used to produce other goods. Factories, roads, machine.
2
Q
Consumer Goods
A
Goods and services used by people to satisfy needs and wants.
3
Q
Margin
A
Point of possible change
4
Q
PPF
A
Production Possibility Frontier. Curve showing the maximum potential output level of one good, given the output level for all other goods in the economy.
