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PPF - Outward Shifts definitions

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Termini in questo insieme (14)

  • Production Possibilities Frontier
    A graphical representation showing the maximum output combinations of two goods an economy can produce with available resources and technology.
  • Technological Advancement
    An improvement that enables more efficient production, allowing greater output with the same resources.
  • Resource Availability
    The total amount of inputs, such as labor or raw materials, accessible for production in an economy.
  • Outward Shift
    An expansion of the boundary on a graph, indicating increased production capacity for one or more goods.
  • Industry-Specific Growth
    An increase in productive capacity affecting only one sector, resulting in higher output for a particular good.
  • General Increase
    A rise in productive potential impacting all sectors, leading to higher possible output for all goods.
  • Efficiency
    A state where resources are used in a way that maximizes output without waste, often improved by better technology.
  • Resource Reallocation
    The process of shifting inputs from one production area to another to optimize overall output.
  • Population Growth
    An increase in the number of people, expanding the labor force and potential production.
  • Immigration
    The movement of people into a country, boosting the workforce and productive capacity.
  • Catastrophic Event
    A rare, extreme occurrence that drastically reduces resources, potentially causing a contraction in production capacity.
  • Productivity
    The measure of output generated per unit of input, often rising with better technology or more resources.
  • Maximum Output
    The highest quantity of goods that can be produced given current resources and technology.
  • Production Capacity
    The total potential output an economy can achieve with its available resources and technology.