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ASSUMPTIONS, PRODUCTION POSSIBILITIES: Production possibilities analysis is based on four key assumptions: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 16 of 24

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Bundles outside the curve can be achieved through economic growth.

Economic growth is the process of increasing the economy's ability to produce goods and expand the production possibilities curve.

  • Bundle M cannot be reached with existing resources and technology and the current production possibilities frontier.
  • The production possibilities frontier only represents a current boundary.
  • Expanding resources and technology gives us economic growth. Specifically, we can increase the quantity or quality of resources.

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INTEREST RATES, AGGREGATE DEMAND DETERMINANT

One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in interest rates cause a decrease (leftward shift) of the aggregate curve. A decrease in interest rates an increase (rightward shift) of the aggregate curve. Other notable aggregate demand determinants include the federal deficit, inflationary expectations, and the money supply.

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