(3) The PPF Illustrates Specialization, Unemployment & Growth
Production Possibilities Frontier
Production Possibilities Frontier, PPF, Specialization, Unemployment, Growth
This shows how a PPF can be used to illustrate the concepts of specialization based on resource endowment, unemployment of inputs, and economic growth over time.
Crane, Steven E., "(3) The PPF Illustrates Specialization, Unemployment & Growth" (2010). Principles of Microeconomics. Paper 4.
Ability to compare resource endowments and specialization options for countries. Ability to discuss unemployment and growth.
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