Production-possibility frontier
In economics, a production–possibility frontier (PPF), sometimes called a production–possibility curve, production-possibility boundary or product transformation curve, is a graph representing product...
Production-possibility frontier - Wikipedia
Productive efficiency
Productive efficiency occurs when the economy is using all of its resources efficiently. The concept is illustrated on a production possibility frontier (PPF) where all points on the curve are points ...
Productive efficiency - Wikipedia
Pareto efficiency
Pareto efficiency, or Pareto optimality, is a state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off. The ter...
Pareto efficiency - Wikipedia
Opportunity cost
In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone, in a situation in which a choice needs to be made between several mutually exclusive alternative...