The various combinations of goods and services that can be produced, when an economy uses its available resources and technology efficiently, is called:

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Quizplus · Accepted Answer

The definition given matches the concept of "production possibilities." The production possibilities curve illustrates the maximum combination of two goods and services that an economy can produce given its available resources and technology. It represents the trade-offs and opportunity costs an economy must consider when deciding how to allocate its resources. Therefore, the various combinations of goods and services that can be produced are referred to as production possibilities.

The Various Combinations of Goods and Services That Can Be