b) PPF graphs and economic output
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state what a shift of the position on the PPF curve towards the y-axis represents
more capital goods and less consumer goods are produced
state what a shift of the position on the PPF curve towards the x-axis represents
more consumer goods and less capital goods are produced
state what a shift of the PPF curve inwards represents
there is a decrease in the units of employable resources
there is a decrease in the maximum productive potential of the economy
there is a decrease in the units of capital and consumer goods that can be produced
there is economic decline
state what a shift of the PPF curve outwards represents
there is an increase in the units of employable resources
there is an increase in the maximum productive potential of the economy
there is a increase in the units of capital and consumer goods that can be produced
there is economic growth
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