Basic Economic Concepts

This cannot happen.

When you produce more of one good, you have to give up more and more of the other.

When you produce more of one good, you have to give up less of the other.

When you produce more of one good, you give up the same amount of the other.

The monetary cost paid for purchasing goods or services

The next best alternative foregone when making a choice

The total sum of benefits received from a particular choice

The additional benefit gained by using one more unit of a resource

It wouldn't have any impact on the quantity of exports sold internationally.

It would increase export quantity as domestic producers are incentivized by higher revenues in local currency terms.

It would increase foreign demand because exports become cheaper abroad.

It would decrease the competitiveness of exports due to higher prices for foreign consumers.

Inward due to increased focus on consumption over investment.

No change since total productive capacity remains constant.

Outward around consumer goods axis but unchanged around capital goods axis.

Outward equally along both axes.

The curve will shift outward.

The shape of the curve will become more linear.

There will be no change to the production possibilities curve.

The curve will shift inward.

Natural Disasters

Technological Advancements

Increase in Resources

Improvement in Efficiency

Move Outward

Moving Inward

Staying at Same place

Not Shifting

Shift the entire curve inward reflecting a permanent loss in productivity.

Inward bending in certain sectors while others remain unaffected.

Movement away from fully efficient points within the same curve.

Outward shift demonstrated improved efficiency despite contraction.

You can only be productively efficient.

The production is at the point of profit-maximization for the firm.

The production is at the point that society desires.

The production is at the point that minimizes all costs for the firm.

By subtracting the total cost from the revenue.

By multiplying the price by the quantity.

By dividing the total cost by the quantity produced.

By dividing what you are giving up by what you are gaining.