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Module The Production Possibilities Curve Model

3. Module The Production Possibilities Curve Model. KRUGMAN'S MACROECONOMICS for AP*. Margaret Ray and David Anderson. What you will learn in this Module :. The importance of trade-offs in economic analysis

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Module The Production Possibilities Curve Model

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  1. 3 ModuleThe ProductionPossibilitiesCurve Model • KRUGMAN'S • MACROECONOMICS for AP* Margaret Ray and David Anderson

  2. What you will learnin thisModule: • The importance of trade-offs in economic analysis • What the production possibilities curve model tells us about efficiency opportunity cost, and economic growth • The two sources of economic growth - increases in the availability of resources and improvements in technology

  3. The Production Possibilities Curve

  4. Opportunity Cost - Constant

  5. Opportunity Cost - Increasing

  6. Economic Growth • Economic growth • Expansion of the economy’s production possibilities • Availability of resources (land, labor, capital, entrepreneurship) • Technology

  7. Economic Growth

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