lras/ppf Flashcards
1
Q
what does lras show
A
potential output in the economy
2
Q
what shifts lras
A
Changes in productivity
Changes in quantity of resources
3
Q
What does a ppf shift mean
A
Long run econ growth
4
Q
What does a ppf movement mean
A
Increase productivity / production
Or more resources
5
Q
Define econ growth
A
Sustainable Increase in real gdp
