Material Detail
Production Possibilities
Students develop the production possibilities frontier model while discussing the value of models in general in explaining complex ideas. They see what movement along the production possibilities curve entails on both the constant-cost curve and a bowed curve indicating increasing costs. They discuss ways a society can consume beyond the limits of its production possibilities through specialization and trade, as well as through an increase in resources, capital investment, and technological advance.
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This work is licensed under a Attribution-NonCommercial-NoDerivatives 4.0 International
