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Scarcity
Limited Resources
- Land
o All natural resources
- Labour
o Any human effort in the production of goods
- Capital
o Physical assets that are man-made to aid in production
- Entrepreneurship
Choice
Potential Growth
- Represented by outward shift of PPC if quantity or quality of resources increase the
production of both goods
- If citizens prefer more of current consumption, future PPC will only shift out a little.
Raise current standard of living but opportunity cost of slower improvement or vice
versa