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LABOR SLOWDOWN: A technique used by workers, generally labor union members, who reduce their productivity in an attempt to achieve a particular goal or objective. The goal pursued tends to be relatively minor, such as better lighting, and thus not worth engaging in a formal strike.

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

Topic: Growth <=PAGE BACK | PAGE NEXT=>

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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MACROECONOMICS

The branch of economics that studies the entire economy, especially such topics as aggregate production, unemployment, inflation, and business cycles. It can be thought of as the study of the economic forest, as compared to microeconomics, which is study of the economic trees.

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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for a thesaurus filled with typos.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"The past cannot be changed. The future is yet in your power. "

-- Hugh White, U.S. Senator

PPC
Production Possibilities Curve
A PEDestrian's Guide
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