b) Economic output

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4 Terms

1
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  • the factor that causes a movement along the PPF curve


  • the allocation of resources


2
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  • the factor that causes a shift of the PPF curve


  • the quantity or quality of the factors of production


3
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  • a shift of the PPF curve inwards represents…


  • a decrease in the quantity or quality of the factors of production

  • a decrease in the maximum productive potential of the economy

  • less capital and consumer goods produced

  • economic decline


4
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  • a shift of the PPF curve outwards represents…


  • an increase in the quantity or quality of the factors of production

  • an increase in the maximum productive potential of the economy

  • more capital and consumer goods produced

  • economic growth