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PPC: The abbreviation for production possibilities curve, which is a curve that illustrates the production possibilities for the economy. A production possibilities curve represents the boundary or frontier of the economy's production capabilities. That's why it's also frequently termed a production possibilities frontier (or PPF). As a frontier, it is the maximum production possible given existing (fixed) resources and technology. Producing on the curve means resources are fully employed, while producing inside the curve means resources are unemployed. The law of increasing opportunity cost is what gives the curve its distinctive convex shape.

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Lesson 3: Scarcity | Unit 2: Resources Page: 5 of 17

Topic: Working Together <=PAGE BACK | PAGE NEXT=>

Here's how our four resources work together in the production process:
  • Land provides the basic raw materials that become the good.
  • Labor provides the human efforts that transform the materials into a good. They do the work.
  • Capital makes labor's production task easier and more effective. These are the tools.
  • Entrepreneurship undertakes the risk of beginning the whole production process and bringing the other three resources together.

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BALANCE OF TRADE

The difference between the value of goods and services exported out of a country and the value of goods and services imported into the country. The balance of trade is the official term for net exports that makes up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?

Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"Wherever you go, no matter what the weather, always bring your own sunshine."

-- Anthony J. D'Angelo

M&O
Management and Organization
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