10291788
PPC (Ch 2)
- shows max. combo of two goods that can be produced w/ available resources and current tech.
- concave: bowed out shape with specialization
- shifts in the PPC: increase in economy's resource base; advancement
in tech.; improvement in the rules governing the economy; giving up
current leisure and working harder; giving up current consumption
and investing more
- shifts in the PPC: increase in economy's resource base; advancement
in tech.; improvement in the rules governing the economy; giving up
current leisure and working harder; giving up current consumption
and investing more
- concave: bowed out shape with specialization
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