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8 February, 18:36

The production possibilities frontier provides an illustration of the principle that

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  1. 8 February, 18:42
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    There are trade-offs and costs to the production of goods and services. That is, if one good is produced, some other good is necessarily not produced and that is a lost opportunity. The trade-offs are measured and decisions are made based upon the best allocation of resources in order to get the most out of what is produced.
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