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Western University
Economics 1021A/B
Michael Parkin

Nicole Wallenburg Mr. Parkin Economics 12-04-23 Economics – Textbook Notes #4 Economic Growth  The expansion in production per person  This increases our standard of living  It comes from technological change and capital accumulation  To make economics growth happen, we use more resources for product #1, and fewer for product #2  this leads to growth in product #1 causing product #2 to be able to expand in the future  Economics growth is no magic for abolishing scarcity  on the new PPF curve there is still trade-off and opportunity costs Technological Change The development of new goods and of better ways of producing those goods and services Capital Accumulation The growth of capital resources, including human capital A Nation’s Economic Growth  If a nation devotes all its factors of production to producing consumption goods and services and non to advancing technology and accumulating capital, its production possibilities in the future will be the same as they are today  To expand production possibilities in the future, a nation must devote fewer resources to producing consumption goods and services and some resources to accumulating capital and developing new technologies  The decrease in today’s consumption is the opportunity cost of tomorrow’s increase in consumption Comparative Advantage Do
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