lras/ppf Flashcards by charlie LEWIS

what does lras show

potential output in the economy

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what shifts lras

Changes in productivity
Changes in quantity of resources

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What does a ppf shift mean

Long run econ growth

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What does a ppf movement mean

Increase productivity / production
Or more resources

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Define econ growth

Sustainable Increase in real gdp

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lras/ppf Flashcards