b) PPF curves and economic output
Studied by 0 people
View linked note
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/5
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
6 Terms
state the factor that causes a movement along the PPF curve
a change in the allocation of resources
state the factor that causes a shift of the PPF curve
a change in the quantity or quality of the factors of production
state what a shift of the position on the PPF curve towards the y-axis represents
more capital goods produced
less consumer goods produced
state what a shift of the position on the PPF curve towards the x-axis represents
more consumer goods produced
less capital goods produced
state what a shift of the PPF curve inwards represents
decrease in the quantity or quality of the factors of production
decrease in the maximum productive potential of the economy
less capital and consumer goods produced
economic decline
state what a shift of the PPF curve outwards represents
increase in the quantity or quality of the factors of production
increase in the maximum productive potential of the economy
more capital and consumer goods produced
economic growth
Flashcards (20)