A ... shows economic growth, output capacities, production, opportunity cost and efficiency at its maximum possible output
PPF
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Production Possibility Frontiers (PPF) are shown as ... because resources are not equally efficient at producing both goods
Concave
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Points ... the PPF show the production capacity as not being at its maximum output and not at its maximum efficiency. E.g. Not all technology is being used or people aren't working as productively
Inside
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Points ... the PPF show the maximum capacity that production can be with resources, labour and technology, and the output is at maximum efficiency
On
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Points ... the PPF show that production is currently unattainable/impossible, but could be set as a target for the future
Outside
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... is shown on a PPF as an outward movement of the curve
Economic growth
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... in the short term would be shown on a PPF as an increase in the output of one good with the other good staying at the same output
Investment
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... in the long term would be shown on the PPF as an outward movement of the curve
Investment
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A frontier which is a straight line would show that the ... remains constant whatever the output
Opportunity Cost
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... measures output relative to inputs. Labour ... measures output per worker. The equation is Total Output/Total Input
Productivity
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Causes of ... of the PPF could be because there are changes in demand, as a result of tastes and fashions or needs
Movements
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Causes of ... of the PPF could be because there is more productive workers, more workers, new resources discovered, more capital equipment or new production techniques
Shifts
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Other cards in this set
Card 2
Front
Production Possibility Frontiers (PPF) are shown as ... because resources are not equally efficient at producing both goods
Back
Concave
Card 3
Front
Points ... the PPF show the production capacity as not being at its maximum output and not at its maximum efficiency. E.g. Not all technology is being used or people aren't working as productively
Back
Card 4
Front
Points ... the PPF show the maximum capacity that production can be with resources, labour and technology, and the output is at maximum efficiency
Back
Card 5
Front
Points ... the PPF show that production is currently unattainable/impossible, but could be set as a target for the future
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