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Introduction to Economics

Production Possibilities Frontier

The best way to show a country's available resources and the maximum two goods produced from those resources is a Production Possibilities Frontier (PPF). Production Possibilities Curve (PPC) is another name for the Production Possibilities Frontier.One of the first things to note is that often Economists make assumptions in models; such as…
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The Four Types of Economies

The way scarce resources get distributed within an economy determines the type of economic system. There are four different types of economies; traditional economy, market economy, command economy and mixed economy. Each type of economy has it's own strengths and weaknesses.The Four Types of Economies1. Traditional Economic System…
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Economic Growth And Development

What is the difference between Economic Growth and Development? We will start by defining Economic growth and development. Having economic growth without economic development is possible.Economic growth in an economy is demonstrated by an outward shift in its Production Possibility Curve (PPC). Another way to define growth is the increase in a…
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