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CHAPTER 2
SCARCITY, CHOICE, AND ECONOMIC SYSTEMS, Show the point in which…
CHAPTER 2
SCARCITY, CHOICE, AND ECONOMIC SYSTEMS
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OPERATING INSIDE THE PPF
A firm, an industry, or an entire economy is productively inefficient if it could produce more or at least one good without pulling resources from the production or any other good.
ECONOMIC GROWTH
It is defined as an increase in a nation’s production or goods and services in a certain period, favoring the economy. Aggregate economic growth is measured in terms or gross national product (GNP) or gross domestic product (GDP).
CONSUMPTION VS GROWTH
Consumption is defined as buying and using something or how much or something has been used up. Therefore, we must be cautious in our consumption levels to have a controlled economic growth.
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