Asked by mykeria adkins on May 19, 2024
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A basic assumption in comparing the production possibilities curves of two nations is that those possibilities curves reflect differences in
A) consumer tastes and preferences.
B) resource availability and technological capabilities.
C) the nations' incomes and income distribution.
D) unemployment and inflation rates.
Resource Availability
The extent to which inputs required for production, such as raw materials, labor, and capital, are readily obtainable in the economy or market.
Technological Capabilities
The skills, knowledge, tools, and processes available to an individual, organization, or society that enable technological developments or innovations.
- Analyze the role of production possibilities curves in comparing national production capabilities.
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Learning Objectives
- Analyze the role of production possibilities curves in comparing national production capabilities.
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