... depicts the opportunity cost between any two items produced. It shows the maximum obtainable amount of one commodity for any given amount of another commodity. The concept is used in macroeconomics to show the production possibilities available to a nation or economy, and also in microeconomics to show the options open to an individual firm. All points on a production possibilities curve are ... ...

• Word Count: 625
• Approx Pages: 3
• Has Bibliography
• Grade Level: Undergraduate