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The law of increasing costs means that as production shifts from one item to another, more and more resources are necessary to produce the second item, An economy producing the maximum amount of goods and services is. An economy's use of fewer production resources than it would at maximum production, the use of resources to maximize the output of goods and services, a graph that shows alternative ways to use an economy's productive resources, a country's maximum possible output plotted on a graph, the curve usually seen in a production possibilities frontier can be explained by, an increase in an economy's labor force generally causes a ___ of the production possibilities curve, A production possibilities curve shows the relationship between the production of, The line on a production possibilities curve showing the relative amounts of two types of goods produced using all resources is called the. This shows us all the possible production combinations of goods, given a fixed amount of resources. /Type /XObject Reviewing Key Terms stream /Producer (�� Q t 4 . SECTION 2.3 THE PRODUCTION POSSIBILITIES CURVE 6. a. b. line on a production possibilities curve that shows the maximum possible output. Analyze the different locations of points on, outside and inside a production possibilities curve. (�f�y�$ ����؍v��3����S}B�2E�����َ_>������.S, �'��5ܠo���������}��ز�y���������� ����Ǻ�G���l�a���|��-�/ ����B����QR3��)���H&�ƃ�s��.��_�l�&bS�#/�/^��� �|a����ܚ�����TR��,54�Oj��аS��N- �\�\����GRX�����G�����‡�r]=��i$ 溻w����ZM[�X�H�J_i��!TaOi�0��W��06E��rc 7|U%���b~8zJ��7�T ���v�������K������OŻ|I�NO:�"���gI]��̇�*^��� @�-�5m>l~=U4!�fO�ﵽ�w賔��ٛ�/�?�L���'W��ӣ�_��Ln�eU�HER `�����p�WL�=�k}m���������=���w�s����]�֨�]. What does the production possibilities model show? << /SMask /None>> /Creator (�� w k h t m l t o p d f 0 . This is why we offer the book compilations in this website. This is why we give the book compilations in this website. Our digital library spans in multiple locations, allowing you to get the most less latency time to download any of … /CA 1.0 3. Apply the concept of opportunity cost to a pro-duction possibilities curve. Categories or specific goods or services to be compared 2. %PDF-1.4 The curve is called a 3. Section 3 Guided Reading And Review Providing Public Goods ... section 3 guided reading review the critical period is available in our digital library an moodle.solanco.org The Critical Period As you read Section 3, answer the questions below on a separate Chapter 3 Section 3 Guided Reading - … 5. 7) /AIS false /SA true Production possibilities frontier 4. /Title (�� E c o n o m i c s p r o d u c t i o n p o s s i b i l i t i e s c u r v e w o r k s h e e t a n s w e r k e y) Name: Date: Hr: Ch. Chapter 1 Section Main Menu) 25 20 15 10 5 0 5 10 15 20 25 Watermelons (millions of tons) Production Possibilities Graph T Future production Possibilities frontier c (14,12) d (18,9) e (20,5) f (21,0) a (0,15) b (8,14) S Growth • Growth economy can increase its level of output and grow. >> As You Read As you read Section 3, complete the chart by indicating where on a production possibilities curve the following information is shown. Construct production possibilities curves using hypothetical data. Identify the three questions every economic system must answer. Economics Chapter 1 Section 3 Review (NOT an assignment) Matching Key Terms and Concepts Directions: Match the terms with the descriptions. You will receive your score and answers at the end. << Choose from 500 different sets of chapter 1 section 3 production possibilities flashcards on Quizlet. [/Pattern /DeviceRGB] This is just one of the solutions for you to be successful. 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