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Sep 19, 2023 · Example: Investment in new manufacturing machinery (a capital good) can increase a country's production capacity, while an increase in consumer spending on luxury cars (consumer goods) does not directly contribute to long-term economic growth.
A-Level Edexcel Economics: Theme 1 (Questions by topic) past papers are available to download for free from various exam boards and school boards including AQA, Edexcel, OCR and Eduqas (WJEC)
Revision notes on 1.1.4 Production Possibility Frontiers for the Edexcel A Level Economics A syllabus, written by the Economics A experts at Save My Exams.
Do not answer more questions than are needed, as this will not gain you more marks in the examination. Plan your time according to the marks for each question. For example, a question worth three marks requires less time and a shorter answer than one worth 10 marks.
Use a supply and demand diagram in your answer. (5) The average top price ticket has risen for two reasons. Firstly, there is increased demand since there are “record numbers of people wanting to buy tickets”. This means demand increases from D1 to D2. Moreover, there has been a decrease in supply.
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Aug 28, 2018 · These tradeoffs are present both in individual choice and in the production decisions of entire economies. The production possibilities frontier (PPF for short, also referred to as production possibilities curve) is a simple way to show these production tradeoffs graphically.
Explain the production possibilities frontier. Just as individuals cannot have everything they want and must instead make choices, society as a whole cannot have everything it might want, either. Economists use a model called the production possibilities frontier (PPF) to explain the constraints society faces in deciding what to produce.
