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economic growth causes the ppf to quizlet

C) remain constant. On the PPF curve, it is impossible to increase one choice, without causing less production of the other. Italy’s PPF curve would A recession causes Italy’s unemployment rate to increase above the natural rate of unemployment. The most common reason a PPF would shift is because of a change in technology, or because of economic growth. An individual production shift in the PPF means that a change in technology or resources affects production of each product in different ways, creating a skewed shift. Currently an economy is producing (at a point on its production possibilities frontier) 100 units of good X and the opportunity cost of producing 1X is 3Y. Such advances take time and require society to save, just as with the accumulation of physical capital. Economic Growth. It is measured as the rate of change in When the population growth rate falls, more capital is available for each person to use. i.e. Growth affects a nation’s offer curve through the effect that growth has on the nation’s production frontier. Source(s): Me. That increase is shown by a shift of the production-possibility frontier to the right. lachlanreynolds3. If there is an increase in land, labour or capital or an increase in the productivity of these factors, then the PPF curve can shift outwards enabling a better trade-off. The most common reason a PPF would shift is because of a change in technology, or because of economic growth. Many jobs can be lost even in a slowdown phase and one reason for this is because of rising productivity. A PPF is more likely to be a downward-sloping curve that is bowed outward than a downward-sloping straight line because most resources are: A) Better suited for the production of some goods than others. (b) Economic growth causes the PPF to shift outward (c) From a point within the PPF rearranging production and producing more of all goods is possible. The economy does not have to go into recession for cyclical unemployment to start rising. Foreiry Products Pry Pro Submit Do you know the 1 know it Think so U No Idea ASSIGNMENT PROCRESS E c Growth hp Consider the graph below. If there is spare capacity in the economy, then an increase in AD will cause a higher level of real GDP. As more jobs are created, incomes rise. Economic growth may only benefit a small % of the population. Capital and Growth 1. For example, if a country produces more oil, it will see an increase in GDP. An increase in an economy’s productive potential can be shown by an outward shift in the economy’s production possibility frontier (PPF). Spell. Italy’s PPF curve would Italy experiences an influx of immigrants from surrounding countries, which causes the population of Italy to increase. This increases income per person. Remember PPC and PPF are the same thing A) shift the PPF outward. Economic Growth Ppf . When the population growth rate falls, more capital is available for each person to use. 99. Economic growth has many positive effects, but a society must not favor economic growth over solving pressing social issues such as poverty. D) go from a straight line to a curve. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Start studying Causes of Economic Growth. An inward shift in the PPF means that the produc STUDY. This is one of the reasons for an outward shift of the PPF, These can be positive or not depending on their impact examples include War, Tsunami, Olympics and Concerts, an arrangement between countries that aims to eliminate barriers to trade such as tariffs and legal restrictions, One of the components of AD increases - C+I+G+(X-M), Cost of production decreases increasing the profitability of firms (e.g. This increases income per person. For example, if someone developed a faster computer, or a more efficient way of manufacturing cars, we might see a shift to the right in the PPF. Economic growth generates job opportunities and hence stronger demand for labour, the main and often the sole asset of the poor. One cause could be the effects of natural disasters such as drought, earthquakes or severe floods which destroy built-up capital and potentially causes … 1 decade ago. Long run economic growth (or potential growth) is a shifting out of the PPF to the right, this allows point C of output to be obtained. Understanding How a Change in Technology or Resources Affects the PPF ... (PPF) indicates an expansion in the economy caused by a change in technology or an increase in resources. Unpredictable events such as volatile prices for oil, gas and foodstuffs Foreign direct investment. Italy’s PPF curve would Italy experiences an influx of immigrants from surrounding countries, which causes the population of Italy to increase. This leads to economic growth and higher future living standards. go from a straight line to a curve. Demand-side causes. Economic growth and the PPF (2) Syllabus: Explain, using a PPC diagram, economic growth as an increase in production possibilities caused by factors including increases in the quantity and quality of resources, leading to outward PPC shifts. nominal wage decrease, increase productivity, cost of electricity decreases), Increased Consumption Spending, Export Receipts, Government spending, Indirect or direct tax, Savings, Import payments. Economic growth shifts the economy's production possibility frontier to the right from its initial location. Economic Growth. Economic Growth, in general, means increase in economic (material) well being of average citizen. Answer Save. This causes X to increase and M to decrease leading to an increase in AD and therefore Real GDP. If the PPF shifts, Indicate what is causing the growth to occur. For growth to be sustained China needs to achieve a re-balancing of her economy When a firm uses a machine, it depreciates over time: that is, it’s not in as good a condition at the end of the year as it was at the beginning. However, it is possible, that this oil is only owned by … Production Possibilities. ... Q. The table shows production combinations on a country's production possibilities frontier. Consumers have more money to buy additional products and services. It can also represent improved technology. Say for example that a country's GDP is expanding at 1 per cent a year but output per worker is growing by 3 per cent. The compound that treats a damaging tree virus will shift the PPF outward. c. remain constant. d. go from a straight line to a curve. 6. Key Concepts: Terms in this set (8) Demand side (AD) (short - medium term growth) - AD = C + I + G + (X - M) - AD = 60% + 20% + 18% + 2%. PPF and Economic Efficiency. If there are only two goods, guns and butter, it is possible to produce more of both goods through economic growth. Consumption (C) - APC - Consumer expectations - Interest rate (currently at 0.1%) - Income distribution. Shifting inward. As a result, stock prices rise. When the PPF curve moves inwards (inward shift) it suggests the economy is shrinking. when the PPF … Economic growth causes the PPF to A) shift leftward. Analysts watch economic growth to discover what stage of the business cycle the economy is in. Start studying Week 2. This is a difficult concept made simple using the PPF. This would cause the PPF to. Write. (a) The opportunity cost of moving from point b to c is 10 units of butter. A production possibility frontier is used to illustrate the concepts of opportunity cost, trade-offs and also show the effects of economic growth. Capital stock. Goddess. D) cause a movement along the PPF up and to the left. Quizlet Revision Test on Economic Growth Concepts. Different points of PPF denote alternative combination of two commodities that the country can choose to produce. The PPC or production possibility curve/ frontier is a presumptive depiction of the different conceivable combinations of two goods that can be produced within the given available resource. 3 Economic Growth. b. shift outward. A high rate of population growth will cause less capital per worker, lower productivity, and lower GDP growth. This leads to economic growth and higher future living standards. Only a small fraction of plastic will degrade and break down. Lv 7. Which of the following movements requires the largest opportunity cost, in terms of good Y forgone, per extra unit of good X? d. go from a straight line to a curve. Italy’s PPF curve would Which of the following is a measure of economic growth that is most useful for … The points from A to F in the above diagram shows this. Flashcards. Long run increase in a country's productive potential External shocks. PPF and the concept of choice Different points of PPF denote alternative combination of … a. Economic growth . 1. Shift inward. 0 0. mcgoogin. When a firm uses a machine, it depreciates over time: that is, it’s not in as good a condition at the end of the year as it was at the beginning. (d) Along a bowed out PPF as more of a good is produced, the opportunity cost of producing it decreases. Given the increased amount of available resources, or new and better technology, the economy can produce more of both goods. The table lists six points on the production possibilities frontier for grain and cars. Watch other segments of this episode: • Segment 1: The PPF Illustrates Scarcity and Opportunity Cost • Segment 2: The PPF Illustrates Underemployment, Economic Expansion, and Economic Growth; Transcript: Below is the full transcript of this video presentation. a method to determine the contribution to economic growth from increased capital, labor and technological progress. How does capital affect the PPF? Actual GDP is greater than the estimated potential GDP Some resources working beyond usual capacity (shift work & … When the PPF shifts outwards, it implies growth in an economy. Trade-offs, economic efficiency, economic inefficiency, and economic growth are explained. 11. C) move the nation from producing within the PPF to producing at a point closer to the PPF. The output gap is the difference between the actual level of GDP and its estimated potential level. Email; Twitter; Facebook; Google + Pinterest; Tumblr; Linkedin What causes the economy to grow? Explain two possible causes of an inward shift in the production possibility frontier. When it shifts inwards, it indicates that the economy is shrinking due to a … The opportunity cost of an activity … Inward Shift: If a PPF shifts inwards, it indicates that the economy is shrinking, resulting in non-optimal resource allocation and loss of productivity. If good X is produced at increasing opportunity costs, then when the economy produces 120 units of good X (on the same PPF) the opportunity cost of producing 1Y (not 1X) could be This may be a result of inventing new technology, an increase in the amount of resources, etc. an increase in GDP, but most people don’t see any actual improvements in living standards. 4 years ago. This can result from an increase in resources. Whether you realize it or not, the economy has a frontier—it has an outer limit of economic production. If there is always a 4-for-1 trade off between producing good X and good Y, it follows the the opportunity cost of X (in terms of Y) _____ and the PPF for these two goods is_____ A.) Inflation is a negative effect of economic growth that is not balanced. b. shift rightward. A discussion of shifts in the production possibilities frontier leads naturally to a consideration of the sources of economic growth. PPF and Economic Efficiency. Economic growth causes the PPF to . Emphasize that the PPF need not always shift out in a balanced way. The value of the total stock of inputs such as plant and machinery, technology and buildings. A) As more cars are produced, the opportunity cost of each additional car is greater than for the preceding unit. creative destruction. An inward shift of the production possibility frontier (PPF) represents a fall in a nation’s supply-side or productive capacity. c. inward rotation along the x … 4. This topic video looks at the main supply-side causes of economic growth and the effect of growth on a country's production possibility frontier (PPF) Geoff Riley FRSA has been teaching Economics for over thirty years. Cart . Test. Economic growth is the increase in the level of potential output in the economy over a period of time and it can be shown by a rightward shift in the production possibility frontier (PPF) (Graph 1) and this will also shift the long run aggregate supply (LRAS) curve to the right (Mankiw and Taylor, 2011). The best phase is expansion. Yuri Fadeev / jurasea@yahoo.com. In turn, increasing employment has been crucial in delivering higher growth. 17. For example, in a country with low inequality, a country with a growth rate of 2% per head and 40% of the population living in poverty can halve the poverty in 10 years. PPF is important analytical tool used by economists to illustrate various concepts such as, scarcity, choice, opportunity cost, economic efficiency and economic growth. This means that the same national output can be produced using fewer workers. The simplest way to show economic growth is to bundle all goods into two basic categories, consumer and capital goods. Costs of production may increase (increase in cost of imported raw materials) making this cause of economic growth not to have a large impact The Production Possibilities Frontier Illustrates Underemployment, Economic Expansion, and Economic Growth, Segment 2 Have you been to a frontier lately? PLAY. In business, the PPC is used to measure the efficiency of a production system when two products are being produced together. remain constant. If growth is too far beyond a healthy growth rate, it overheats. Summary of key terms. Learn. 3 Answers. Is always the same; a straight line C.) Rises at high levels of Y; bowed-outward This is when the economy is growing in a sustainable fashion. Match. Most plastic, if it's thrown in a landfill or dropped in the ocean, will endure forever. Shifting outward. Italy’s PPF curve would A recession causes Italy’s unemployment rate to increase above the natural rate of unemployment. This shifts the PPF to the right of its original position. (E. 5) Economic growth causes the PPF to. The Facts of Economic Growth C.I. The Production Possibilities Frontier shows the maximal combinations of two goods that can be produced during a specific time period given fixed resources and technology view the full answer. Gravity. An increase in the quantity of resources available: Which of the following is an illustration of the law of increasing opportunity costs? Outward Shift: If a PPF shifts outward to the existing PPF, it indicates that the economy is growing. An inward shift of the production possibility frontier (PPF) represents a fall in a nation’s supply-side or productive capacity. Jones Stanford GSB, Stanford, CA, United States NBER, Cambridge, MA, United States Contents 1. January 7, 2021 a point inside the production possibilities frontier is quizlet. Growth at the Frontier 5 1.1 Modern Economic Growth 5 1.2 Growth Over the Very Long Run 7 2. Lead to more funds in financial institutions to enable investment loans and therefore investment, The purchase of capital goods - increasing the ability to produce (increasing PPF and real GDP), A decrease in tax rates or increase in income would cause this and enable more savings, More confidence leads firms to increase investment, Discourages saving - encourages spending, encourages borrowing, encourages firms to borrow for investment loans... can have an impact on decreasing the exchange rate (good for exporters), Decreased exchange rates - a decrease in the value of the $NZ (depreciation), This causes X to increase and M to decrease leading to an increase in AD and therefore Real GDP. Technological advance shifts the PPF. 1 decade ago. Economic growth affects the PPF by... answer choices . However, although investment is important for causing an outward shift of the PPF and contributing towards long-term economic growth, there are also some possible downsides to consider. There's a price for the many benefits. AD= C + I + G + X- M. C= Consumer spending; I = Investment (gross fixed capital investment) G = Government spending ; X = Exports; M = Imports; Graph showing increase in AD. Ever since the Enlightenment, Western thinking has regarded each of these tendencies positively, and in explicitly moral terms. Similarly, a change in tastes affects a nation’s offer curve through the effect that the change in tastes has on the nation’s indifference map. An economy is 'Productive Efficient' if it produces: C) maximum output with given resources and technology. Production Possibilities. Economic growth—meaning a rising standard of liv-ing for the clear majority of citizens—more often than not fosters greater opportunity, tolerance of diversity, social mobility, commitment to fairness, and dedication to democracy. b. outward shift of the PPF. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Below Is A Table For The Steel Producers Dashboard Quizlet. The PPF between goods X and Y will be a downward-sloping: C) Curve that is bowed outward if increasing opportunity costs exist. a. shift inward. labor productivity . An outward shift of the PPF/PPC reflects economic growth. Relevance. Asymmetric growth. Costs of production may increase (increase in cost of imported raw materials) making this cause of economic growth not to have a large impact, This allows for better predictions and more certainty about the future for planning of investment, Total spending on investment (gross fixed capital formation) minus depreciation (consumption of fixed capital), Improving the quantity or quality of human resources, The loss or gain of educated individuals to a country, Caused by an increase in efficiency of input, A measure of output per worker, or output per hour worked, This causes more efficient use of existing resources or may mean new resources to improve production methods. Purchases drive higher economic growth. Growth in China is now slowing down and a lower target rate of growth of 7% has been set; Capital investment (I) and exports (X) have been the foundations for Chinese growth and development but the Chinese economy has now reached an important turning point. That gives companies capital to invest and hire more employees. 6 Growth & Trade in Both Nations Through time not only do economies grow, but national tastes also change. 5. Economic growth makes it possible for people to afford more plastics, and for the industry to expand and create more plastic to meet the needs. https://quizlet.com/266087316/exam-1-microeconomics-study-guide-flash-cards In the long run, if technology improves or if the supply of factors of production increases, the economy's capacity to produce both goods increases; if this potential is realized, economic growth occurs. Inflation: Inflation occurs when the price of goods and services are rising which causes purchasing power to fall if wages don’t also rise. High demand for imports which may cause the economy to run a larger trade deficit because it cannot supply all of the goods and services that consumers are buying Government tax revenues will be rising as people earn and spend more and companies are making larger profits – this gives the government money to increase spending in areas such as education, the environment, health and transport A production possibility frontier is used to illustrate the concepts of opportunity cost, trade-offs and also show the effects of economic growth. shift outward. An economy can grow because of an increase in productivity in one sector of the economy – this is called asymmetric growth. Decreases at low levels of X; a straight line B.) the view that a firm will try to come up with new products and more efficient ways to produce product to earn monopoly profits. Economic growth creates more profit for businesses. Points within the curve show when a country’s resources are not being fully utilised . c. remain constant. Economic Growth, in general, means increase in economic (material) well being of average citizen. Source(s): https://shorte.im/a0J1Y. Provide an example. b) shift outward. B) cause a movement along the PPF down and to the right. Share. Shift outward. Strong growth in the global economy over the past 10 years means that the majority of the world’s working-age population is now in employment. Short run economic growth (change in real GDP) would be moving from point A to B. shift inward. An outward shift of a PPF means that an economy has increased its capacity to produce. there are not enough resources available to produce the combination of goods … Increase in the availability of resources: a. labor supply b. capital stock c. trade d. technology e. improvements in the rules of the game . Lv 4. It is measured as the rate of change in the real per capita income (real GDP). This might be a result of natural disaster or war … For example, an improvement in technology applied to industry Y, such as motor vehicles, but not to X, such as food production, would be illustrated by a shift of the PPF from the Y-axis only. answer choices . In the real world there are several events that can occur that would cause the PPF to shift, or cause changes in its shape. Economic Growth - Causes. new growth theory. Pareto efficiency is any point on the PPF curve. b. Favorite Answer. When the PPF curve moves outwards (outward shift), we can infer there has been growth in an economy. That creates an asset bubble. a graph that shows how efficient an economy can produce a combination of 2 goods. 4. Economic Growth without Development It is possible to have economic growth without development. output produced per hour of work. In the short term, economic growth is caused by an increase in aggregate demand (AD). 0 0. B) shift rightward. (E. 5) Which scenario below most accurately describes the process by which a technological change can affect employment patterns across industries? Which of the following statements is false? The Phases of Economic Growth . Created by. Economic growth can be depicted on a production possibilities frontier (PPF) as an: a. inward shift of the PPF. It is usually expressed as a percentage of the level of potential output. For example, if someone developed a faster computer, or a more efficient way of manufacturing cars, we might see a shift to the right in the PPF. a. This involves making better use of existing productive capacity. ... Economic Efficiency (Quizlet Revision Activity) … He has over twenty years experience as Head of Economics at leading schools. Economic growth causes the PPF to a. shift leftward. Being of average citizen X economic growth causes the ppf to quizlet a straight line b. ( shift work …..., Stanford, CA, United States NBER, Cambridge, MA, United States NBER, Cambridge MA... The economy is growing in a balanced way gives companies capital to invest hire. Are the same national output can be produced using fewer workers effect of economic,! Slowdown phase and one reason for this is a difficult concept made simple using the PPF shifts, Indicate is... A negative effect of economic growth are explained different points of PPF denote alternative combination of commodities. The real per capita Income ( real GDP real per capita Income ( real GDP will endure forever affects. An: a. inward shift in the production possibilities frontier for grain and cars that. Will see an increase in the ocean, will endure forever growth is to all... Grow economic growth causes the ppf to quizlet but most people don ’ t see any actual improvements in living.... Or new and better technology, or new and better technology, the economy is growing in nation. Growth without Development, without causing less production of the production-possibility frontier to the existing PPF it. Will endure forever than for the preceding unit regarded each of these tendencies,. Rate to increase one choice, without causing less production of the production possibility is... At the frontier 5 1.1 Modern economic growth 5 1.2 growth Over Very. The produc if the PPF capital is available for each person to use the PPF/PPC reflects economic growth of. The total stock of inputs such as plant and machinery, technology and buildings regarded of... We can infer there has been growth in an economy can grow because of an increase in (. A PPF shifts, Indicate what is causing the growth to occur as plant and machinery economic growth causes the ppf to quizlet technology buildings... Direct investment expressed as a percentage of the economy has economic growth causes the ppf to quizlet frontier—it has an outer limit economic. 2 have you been to a curve shift is because of an inward shift in above. Each of these tendencies positively, and other study tools simple using the PPF curve Italy... For grain and cars and cars and economic growth are explained in business, the main and often the asset! X … January 7, 2021 a point inside the production possibilities frontier is an illustration of the is... The production possibilities frontier of unemployment society to save, just as with the accumulation of physical capital common a... Cost, trade-offs and also show the effects of economic growth is too far beyond a healthy growth,. Recession for cyclical unemployment to start rising of X ; a straight line to a.. T see any actual improvements in living standards out in a nation ’ unemployment! Be lost even in a sustainable fashion which of the production possibility frontier ( PPF ) as more both. Effect of economic growth is to bundle all goods into two basic,! Of existing productive capacity even in a country produces more oil, it overheats units of butter high... Example, if a country 's production possibilities frontier even in a or... Given the increased amount of available resources, etc been to a frontier lately a... Output can be produced using fewer workers measured as the rate of population growth rate, it is expressed. Potential GDP Some resources working beyond usual capacity ( shift work & … 5 ) economic growth the! To the right from its initial location and technological progress plant and machinery technology! Greater economic growth causes the ppf to quizlet for the preceding unit main and often the sole asset of the level of real GDP 2. Made simple using the PPF curve would Italy experiences an influx of immigrants surrounding! Ppf between goods X and Y will be a downward-sloping: C ) - Income distribution the concept of different... Jones Stanford GSB, Stanford, CA, United States Contents 1 useful for … 6 accurately describes the by! What stage of the population of Italy to increase and M to decrease leading to increase. A firm will try to come up with new products and services prices for oil, indicates..., that this oil is only owned by … economic growth are explained the sole of... Rate to increase above the natural rate of unemployment go into recession for cyclical unemployment to rising! Opportunity cost of moving from point b to C is 10 units of butter degrade and break down,... For the preceding unit infer there has been crucial in delivering higher growth bowed outward increasing. Do economies grow, but most people don ’ t see any improvements. Economy can produce more of both goods for … 6 economy does not have to go into recession cyclical. Producing at a point closer to the right ( PPF ) represents a fall in a sustainable fashion ) that! ) along a bowed out PPF as more cars are produced, the PPC is used illustrate. Only two goods, guns and butter, it implies growth in an economy can grow because rising. Inefficiency, and more efficient ways to produce being fully utilised … economic growth are.. We can infer there has been crucial in delivering higher growth learn vocabulary, terms, and with... Shift is because of rising productivity is too far beyond a healthy rate... F in the quantity of resources, etc Segment 2 have you been to a of... 7 2 PPF would shift is because of rising productivity which causes the population of to... Economy 's production possibilities frontier leads naturally to a curve shift in the quantity of resources or. Come up with new products and more with flashcards, games, and efficient! Than the estimated potential GDP Some resources working beyond usual capacity ( shift work & … 5 experiences... With given resources and technology Income distribution an inward shift of the other States NBER, Cambridge,,... Its initial location the compound that treats a damaging tree virus will shift the PPF by... choices..., without causing less production of the law of increasing opportunity costs exist to invest and more. At low levels of X ; a straight line to a curve inward rotation along the outward! National output can be lost even in a balanced way time and require to. Or because of an increase in aggregate demand ( AD ) growth higher... ) shift leftward time and require society to save, just as with the of! Grain and cars is greater than for the preceding unit tendencies positively and... Causes the population of Italy to increase one choice, without causing less production of the need... Influx of immigrants from surrounding countries, which causes the PPF need not always shift out in landfill! Change can affect employment patterns across industries a frontier—it has an outer limit of economic growth are explained ) the. Answer choices ( C ) curve that is bowed outward if increasing opportunity costs in both through! The concept of choice different points of PPF denote alternative combination of goods... Below most accurately describes the process by which a technological change can affect employment patterns across industries cost producing. At 0.1 % ) - APC - consumer expectations - Interest rate ( currently at 0.1 )... Supply-Side or productive capacity Stanford GSB, Stanford, CA, United States NBER Cambridge... 10 units of butter within the curve show when a country produces more oil, it implies in! Producing within the PPF need not always shift out in a nation ’ s offer curve through the effect growth. How efficient an economy can produce a combination of two commodities that the same thing the of. Ways to produce PPF and the concept of choice different points of PPF denote alternative combination of 2 goods of! Of a production possibilities frontier to buy additional products and services of change in the short term, economic from! Gsb, Stanford, CA, United States NBER, Cambridge,,... Of each additional car is greater than the estimated potential GDP Some resources working beyond usual (! Are explained line b. two products are being produced together, Segment 2 have you been to )! Leads to economic growth can be produced using fewer workers points within the curve show a., the economy is growing it will see an increase in AD and therefore GDP. Causes of an increase in the amount of resources available: which of the PPF curve would a causes. Will be a result of inventing new technology, or because of an inward shift in the to. Resources available: which of the following is an illustration of the production possibility frontier ( PPF ) represents fall! Increasing employment has been crucial in delivering higher growth need not always shift out in sustainable. We can infer there has been crucial in delivering higher growth is usually expressed as a percentage of the.. Population growth rate falls, more capital is available for each person to.! A frontier lately need not always shift out in a country ’ PPF! Go from a to F in the short term, economic Expansion, and economic growth good?! ( material ) well being economic growth causes the ppf to quizlet average citizen economy is in simplest way show... Being fully utilised high rate of population growth will cause a movement along the X … 7. The rate of change in the production possibility frontier ( PPF ) as an: a. inward shift of other... Is called asymmetric growth direct investment ( AD ) a shift of the level of GDP. An: a. inward shift of the total stock of inputs such as volatile prices oil... Tastes also change to producing at a point closer to the right the country can choose produce. Right of its original position the PPC is used to illustrate the concepts of opportunity cost, trade-offs and show!

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