Asked by
Justin Tamas
on Dec 08, 2024
Verified
Economic growth may occur when
A) a society acquires new resources.
B) a society decides to produce less using existing resources.
C) the society begins to produce the combination of goods society wants most.
D) technology remains unchanged but unemployment increases.
Economic Growth
The growth in the real market value of goods and services that an economy generates over a period.
Technology
The application of scientific knowledge for practical purposes, especially in industry - machinery, equipment, and software developed from such scientific knowledge.
- Explain the significance of savings and investments in the expansion of the economy and how they are depicted on the Production Possibility Frontier.
- Identify factors leading to economic growth and shifts in the PPF.
Verified Answer
GM
Learning Objectives
- Explain the significance of savings and investments in the expansion of the economy and how they are depicted on the Production Possibility Frontier.
- Identify factors leading to economic growth and shifts in the PPF.