What do you mean by the production possibilities of an economy?
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What do you mean by the production possibilities of an economy?
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The myriad potential combinations of commodities and services that a specific economy can generate with the given technology/stock of technical knowledge and utilising the available resources completely and efficiently are referred to as an economy's production possibilities. In other terms, it refers to a variety of possible bundles of goods and services that can be created together while maximising the use of available technology and resources.
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