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Chapter 1.3: Production Possibilities Curve

Chapter 1.3: Production Possibilities Curve. Production Possibilities Curve. How many watermelons can Capeland produce if they are making 9 million pairs of shoes ? What will the opportunity cost be if Capeland increases shoe production to 12 million? . Law of Increasing Costs.

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Chapter 1.3: Production Possibilities Curve

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  1. Chapter 1.3: Production Possibilities Curve

  2. Production Possibilities Curve • How many watermelons can Capelandproduce if they are making 9 million pairs of shoes? • What will the opportunity cost be if Capeland increases shoe production to 12 million?

  3. Law of Increasing Costs

  4. Technology and Education • Technology can increase a nation’s efficiency. • Many governments spend money investing in new technology, education, and training for the workforce.

  5. Review • Now that you have learned about how a nation decides what and how to produce, go back and answer the Chapter Essential Question. • How can we make the best economic choices?

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