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Chapter 1 Econs - Coggle Diagram

- - - - Achieved when the firms in an economy are producing the maximum output for the given amount of inputs, or producing a given output with the least cost combinations of inputs
    - - Achieved when the current combination of goods and services produced and consumed allows the society to attain the greatest level of satisfaction
  - - - Economic Growth
        
        Actual Economic Growth
        
        Does not actually shift PPC Outward movement from a production point within the PPC to a point closer to or on the PPC
        
        Potential Economic Growth (Long-run economic growth)
        
        Increase in productive capacity of the economy
- - - - Relevant info to support consumer's decision making
        
        Constraints
        
        Benefits and Costs
        
        Decision Made
        
        Intended Consequences
        
        Unintended Consequences
        
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