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Lecture 2 - Production Possibilities The economics behind using scarce resources inputs to produce output.

2. Categories of Resources. Land. Labor (L). 3. [Physical] Capital (K). Entrepreneurship. 4. Production Possibilities Model - amounts of 2 goods that can be produced assuming:. 5. 6. Production Possibilities Curve (PPC) illustrates the economic concepts of:. scarcityefficiencychoice. Conclude. 7.

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Lecture 2 - Production Possibilities The economics behind using scarce resources inputs to produce output.

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    1. 1

    2. 2 Categories of Resources Land

    3. 3 [Physical] Capital (K)

    4. 4 Production Possibilities Model - amounts of 2 goods that can be produced assuming:

    5. 5

    6. 6 Production Possibilities Curve (PPC) illustrates the economic concepts of: scarcity efficiency choice

    7. 7

    8. 8

    9. 9 PPC illustrates the economic concept of economic growth that results from: change in technology discovery of new resources society’s choice between consumption and investment consumption good (C): good that directly satisfies wants capital good (K): good that indirectly satisfies wants

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