1.3/1.4 Sectors & PPC
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14 Terms
Underdeveloped countries have more ??/?? sectors
primary/secondary
Define opportunity cost.
next best alternative foregone when making a decision
Is opportunity cost singular or plural?
singular
What does PPC stand for?
production possibility curve
What does PPF stand for?
production possibility frontier
Is PPC and PPF the same?
yes
Define PPC.
max combination of two goods that can be produced by an economy with all available resources
What is happening at Z?
inefficient use of resources
What is happening at W?
currently unattainable
An outward shift in the PPC = ?
economic growth
An inward shift in the PPC = ?
economic shrinking
Prerequisites for outward shift
> Discovering/developing new __ materials
> Employing new t__
> Increase __ force via births, immigration etc
raw, tech, labour
Prerequisites for inward shift
> Natural __
> __ investment in tech
> Running out of r__
disaster, low, resources
What does a straight line PPC mean?
> Constant o__ c__
> Resources equally suited to produce __ goods
> e.g. worker with both s__
opportunity cost, both, skills
Note 
Flashcards (49)