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  3. Choice in a world of scarcity
  4. The production possibilities

2.2 The production possibilities frontier and social choices  (Page 17/21)

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  • Card 17 / 21:
    allocative efficiency

    when the mix of goods being produced represents the mix that society most desires

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Practice FlashCards 11 Key Terms 5

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Source:  OpenStax, Principles of macroeconomics for ap® courses. OpenStax CNX. Aug 24, 2015 Download for free at http://legacy.cnx.org/content/col11864/1.2
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