PPF 0.0 / 5 ? EconomicsProduction and efficiencyASAQA Created by: martinkaCreated on: 05-11-14 11:34 – A statement based on personal opinion and judgement, these cannot be scientifically proven. NORMATIVE 1 of 9 ....is the science of the PRODUCTION, EXCHANGE and DISTRIBUTION of goods ECONOMICS 2 of 9 Advances in the state of....... and the beneficial impact of innovation in improving production processes TECHNOLOGY 3 of 9 ....is the benefit lost from the second best alternative not chosen OPPPORTUNITY COST 4 of 9 Resources are ........ – only finite amount produced SCARCE 5 of 9 An outward shift in the PPF signifies an expansion of a country’s productive ............– in other words – long term economic growth POTENTIAL 6 of 9 A statement that can be scientifically tested to see if it is incorrect POSITIVE 7 of 9 Any point on the PPF is................... efficient PRODUCTIVELY 8 of 9 Only one point, which meets society’s needs, is ...............efficient. ALLOCATIVELY 9 of 9
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