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  • Basic Problems of An Economy

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    cyril
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    An economy faces basic problems of unlimited wants versus limited resources, what and how much to produce, and for whom to produce goods and services. The production possibilities curve (PPC) illustrates the tradeoffs between two goods an economy can produce with its limited resources, and economic growth involves outward shifts of the PPC over time through capital investment and technological progress.

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    Basic Problems of an Economy

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    An economy faces basic problems of unlimited wants versus limited resources, what and how much to produce, and for whom to produce goods and services. The production possibilities curve (PPC) illustrates the tradeoffs between two goods an economy can produce with its limited resources, and economic growth involves outward shifts of the PPC over time through capital investment and technological progress.

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    © All Rights Reserved
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    5 views5 pages

    Basic Problems of An Economy

    Uploaded by

    cyril
    An economy faces basic problems of unlimited wants versus limited resources, what and how much to produce, and for whom to produce goods and services. The production possibilities curve (PPC) illustrates the tradeoffs between two goods an economy can produce with its limited resources, and economic growth involves outward shifts of the PPC over time through capital investment and technological progress.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 5

    Basic problems of an economy

    Economic problem:
    Why does economic problem
    arise?

    Economizing of resources:
    Basic or central problems:
    Ppc and central problems:
    Draw a curve on given table:
    Assumptions on ppc:
    Characteristics:

    Central problem of a ppc:


    Economic growth:

    Economic development:

    Growth vs development:

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