Welcome to another episode of my podcast. In this episode I will discuss how technological change makes it possible to shift the production possibilities frontier outwards by producing more from the same available resources.
Welcome to another episode of my podcast. This episode discusses, holding the available resources and technology constant (ceteris paribus), the law of increasing opportunity costs causes the production possibilities frontier to display a bowed out shape (concave to the origin).
Welcome to another episode of my podcast. This episode discusses the principle of Opportunity Cost that states that the Opportunity Cost increases as production of one output expands.