1.1.4- Production Possibility Frontiers

Question 1

Consumer goods

Answer 1

Goods bought and used by consumers and households

Question 2

Capital goods

Answer 2

Producer or capital goods used to produce other goods

Question 3

Production possibility frontier

Answer 3

A boundary that shows the combinations of two or more goods and services that can be produced using all the available factor resources efficiently. Shows the opportunity cost

Question 4

Economic growth

Answer 4

An increase in the productive potential of a country- shown by the outward shift of a PPF

Question 5

Economic efficiency

Answer 5

Making the best or optimum use of our scarce resources