ECON 101 Chapter Notes - Chapter 2: Involuntary Unemployment, Human Capital

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21 Oct 2015
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ECON 101 Full Course Notes
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Efficiency in production: state of an economy when it could not produce more of one thing without producing less of another. Corresponds to any point along the ppf. Efficiency in allocation: state of an economy when resources are being used to best satisfy consumers. Corresponds to just one point along the ppf. An economy can only be efficient if it is efficient in both production and allocation and if it delivers those goods to the right people. Economic growth: an expansion of the economy"s production possibilities. Can be shifted by a change in amount of factors of production (resources that are not used up in production, like a worker: factors of production include land, labor, physical capital, and human capital.

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