Episode 3: How Change In Technology Or Resources Affect Production Possibilities Frontier

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In this episode we’ll look on the impact on Production Possibilities Frontier caused by the change in technology or resources.
Limited resources means limited output. Necessity of choice is created. Choice is reflected in the need of the society to select among the various attainable combinations lying on the PPC.

Economic growth (shifts outward of the curve) occurs because of productive expansion.
PPF change with shifters like
1. Change in resources quantity/quality
2. Change in technology.
3. Change in trade

Episode 1 Podcast Defining Economics

https://johnzamen.com/wp-content/uploads/2014/05/episode-1-podcast-defining-economics1.m4a

Welcome to another episode of my podcast.In this episode we’ll look on defining economics. Economics is defined as a social science that aims to satisfy how the society allocates it’s scarce resources to satisfy the society’s unlimited needs and wants in the most efficient way. Since resources are limited (scarce) and the needs and wants are unlimited, therefore, we can say that economics is the study of how people make choices.