Copyright © 2017 by WebFinance, Inc. ALL RIGHTS RESERVED. Reproduction of all or part of this glossary, in any format, without the written consent of WebFinance, Inc. is prohibited.
Therefore, any mix of two commodities, given limited resources, is only efficient when it lies on the PPF curve, with one commodity on the X axis and one commodity on the Y axis. Achieving the Pareto Efficiency means that an economy is operating at maximum potential and lies directly on the PPF.
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.
Copyright © 2017 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service