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 Every economy must solve three main coordination problems: 1- What, and How much to produce? 2- How to produce it? 3- for whom to produce it? Production possibility table a table that lists a choice's opportunity costs by summarizing what alternative outputs you can achieve with your inputs (resorces) Production possibility curve (PPC) is .. A curve measuring the maximum combination of outputs that can be obtained from a given number of inputs The Production possibility curve demonstrates that :- 1- There is a limit to what you can achieve. 2- Every choice you make has an opportunity. The principle of increasing marginal opportunity cost is :- In order to get more of something, one must give up ever-increasing quantities of something else. Why are the production possibility curves typically bowed outward? Because some resources are better suited for the production of certain kind of goods than other kinds of goods. Comparative advantage:- the ability to be better suited to the production of one good than to the production of another good Productive efficiency Achieving as much output as possible from a given amount of inputs or resources