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Economics 1.1.4 - Coggle Diagram
Economics 1.1.4
PPF
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inside curve suggests inefficient allocation of resources or unemployment - more output can be produced with no opportunity cost because no production would be sacrificed
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shows all the combinations of 2 goods that can be produced by an economy in a given time period with all available resources
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movements in PPF
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shifts
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increase in the quantity of labour through immigration, rising average working hours or more people choosing to work
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