Exam (elaborations)
IB Economics UPDATED Exam Questions And Correct Answers
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Actual Output Production of goods and services in a given time period Potential output Possible production of goods or services in an economy if all available factors are employed Actual Growth Occurs where previous unemployment of factors of production are brought into use. It is represented on the PPC curve from a point to another point that is nearer to PPC curve. Potential Growth Occurs when there is an increase in quantity and increase in quality of factors of production. It is represented by shift of PPC curve
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IB Economics
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IB Economics
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Written for
- Institution
- IB Economics
- Module
- IB Economics
Document information
- Uploaded on
- March 19, 2024
- Number of pages
- 17
- Written in
- 2023/2024
- Type
- Exam (elaborations)
- Contains
- Questions & answers
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ib economics
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ib economics updated exam questions and correct a
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