Asked by
Dylan Federman
on Nov 17, 2024
Verified
While the production possibilities frontier is a useful model, it cannot be used to illustrate economic growth.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources), assuming all inputs are used efficiently.
Economic Growth
Refers to the increase in the production of economic goods and services, from one period to another, often measured by GDP (Gross Domestic Product).
- Acquire knowledge on the effects of economic growth and unemployment on the production potential of an economy.
- Recognize the importance of technological developments in stimulating economic growth and optimizing production processes.
Verified Answer
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Learning Objectives
- Acquire knowledge on the effects of economic growth and unemployment on the production potential of an economy.
- Recognize the importance of technological developments in stimulating economic growth and optimizing production processes.