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LAW OF INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This "law" can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates the distinctive convex shape of the curve, making it flat at the top and steep at the bottom.

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 17 of 24

Topic: Resource Quantity and Quality <=PAGE BACK | PAGE NEXT=>

Three ways to increase resource quantity.
  • Labor: Labor increases through (1) natural population growth, (2) immigration from other nations, and (3) more participation and fewer nonworkers.
  • Capital: The key to getting more capital is investment, giving up satisfaction today to get capital tomorrow.
  • Materials: The key to increasing their quantity is exploration. Exploration is best illustrated by digging or drilling into the Earth's crust in search of mineral or fossil fuel deposits.
Two ways to increase resource quality.
  • Education-The Quality of Labor: Education increases the quality of labor resources. Better educated workers are more productive workers.
  • Education can be formal, sitting-in-a-classroom or informal, on-the-job-training experience. Both are valuable methods of increasing the quality labor.
  • Technology-The Quality of Capital: Technology is the knowledge and information society as a whole possesses concerning the production of goods and services. Better technology enables more production.
  • Technology concerns all aspects of production, but it is often seen as an improvement in the quality of capital.

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ECONOMIC SCIENCE

The application of the scientific method to economic phenomena and topics related to the fundamental problem of scarcity. Economic science, also termed positive economics, is one of several social sciences that apply the scientific method to the study of human behavior.

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