It tells that this society has to live with guns or butter.It is a major difference, in the case of North Korea.
Production possibility curve by itself does not tell you about society's preferences in itself, it simply tells you what the possibility is to substitute the production of 2 commodities (1 for the other).
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It tells that this society has to live with guns or butter.It is a major difference, in the case of North Korea.
Production possibility curve by itself does not tell you about society's preferences in itself, it simply tells you what the possibility is to substitute the production of 2 commodities (1 for the other).