Recognizing Points on a Graph

Efficiency
Definition: Using resources in such a way as to maximize the production of goods and services.

Allocative Efficiency
Definition: Where the products being produced are the ones that are most desired by society.

Productive Efficiency
Definition: Products are being produced in the least costly way.

Under-utilization
Definition: Using fewer resources than an economy is capable of using.

X- Inside of the curve

1. Attainable, but inefficient
2. Under-utilization 

A, B, and C- On the curve

1. Attainable and efficient

Y- Outside the Curve

1. Unattainable at its current time frame