Module The Production Possibilities Curve Model

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Module The Production Possibilities Curve Model 3 KRUGMAN'S MACROECONOMICS for AP* Margaret Ray and David Anderson

What you will learn in this Module: The importance of trade-offs in economic analysis What the production possibilities curve model tells us about efficiency opportunity cost, and economic growth The two sources of economic growth - increases in the availability of resources and improvements in technology

The Production Possibilities Curve

Opportunity Cost - Constant

Opportunity Cost - Increasing

Economic Growth Economic growth Expansion of the economy’s production possibilities Availability of resources (land, labor, capital, entrepreneurship) Technology

Economic Growth