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Production Possibilities, Opportunity Cost, and Economic Growth

Explore the relationship between scarcity, choice, and opportunity cost through production possibilities curves and economic growth analysis. Learn about the law of increasing opportunity costs and how it affects production possibilities for different goods. Dive into exhibits showcasing military goods, consumer goods, computers, and pizzas. Discover Alpha's and Beta's present and future production possibilities curves.

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Production Possibilities, Opportunity Cost, and Economic Growth

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  1. Production Possibilities, Opportunity Cost, and Economic Growth CHAPTER 2

  2. THE LINKS BETWEEN SCARCITY, CHOICE, AND OPPORTUNITY COST EXHIBIT 1

  3. THE PRODUCTION POSSIBILITIES CURVE FOR MILITARY GOODS AND CONSUMER GOODS EXHIBIT 2

  4. EXHIBIT 3 THE LAW OF INCREASING OPPORTUNITY COSTS

  5. AN OUTWARD SHIFT OF THE PRODUCTION POSSIBILITIES CURVE FOR COMPUTERS AND PIZZAS EXHIBIT 4

  6. ALPHA’S AND BETA’S PRESENT AND FUTURE PRODUCTION POSSIBILITIES CURVES EXHIBIT 5

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