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Teaching activity

Retrieval Activity - Production Possibility Frontier

Geoff Riley

18th September 2022

Here is a set of revision quizlet activities on the production possibility frontier.

  • Allocative efficiency: Any combination of outputs on the PPF
  • Capital deepening- Increased capital inputs per worker
  • Diminishing returns - Falling marginal product as more inputs are used
  • Economic growth- An outward shift of the PPF
  • Improved efficiency- Increasing potential output with the same resources
  • Innovation- Improvements to production processes and products
  • Opportunity cost- Output that is given up when resources are switched to another use
  • Pareto improvement- An action done in an economy that harms no one and helps at least one person.
  • Productive efficiency- Occurs when we maximise output from a given stock of resources - associated with high productivity
  • Productivity - Output per person employed
  • Resource depletion- Decline in the stock of factor resources
  • Resource depreciation- When productivity of resources diminishes with age and use
  • Specialisation of labour- Degree to which tasks are divided into separate jobs
  • Unemployed resources- Under-utilisation of the labour force

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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