Production Possibility Curve (PPC) is concave to the origin because of the increasing opportunity cost. As we move down along the PPC, to produce each additional unit of one good, more and more units of other good need to be sacrificed. In the above graph, AE represents the PPC for capital goods and consumer goods.

The factors of production are the resources used in creating and producing a good or service and are the building blocks of an economy. The factors of production are land, labor, capital, and entrepreneurship, which are seamlessly interwoven together to create economic growth.

By doing so, it defines productive efficiency in the context of that production set: a point on the frontier indicates efficient use of the available inputs (such as points B, D and C in the graph), a point beneath the curve (such as A) indicates inefficiency, and a point beyond the curve (such as X) indicates …

Gottfried von Haberler

National economic goals include: efficiency, equity, economic freedom, full employment, economic growth, security, and stability.

Goals- Stability, freedom, security, equity, growth, efficiency.

This module introduces the three major economic systems: command, market, and mixed.

ECONOMIC GOALS The following is a list of the major economic goals: 1) economic growth, 2) price level stability, 3) economic efficiency, 4) full employment, 5) balanced trade, 6) economic security, 7) equitable distribution of income, and 8) economic freedom.

Full employment, stability, and economic growth are the three macroeconomic goals most relevant to the aggregate economy and consequently are of prime importance to the study of macroeconomics.

There are four major goals of economic policy: stable markets, economic prosperity, business development and protecting employment.

All economic systems strive to achieve a set of broad social goals, including economic efficiency, equity, freedom, growth, security, and stability. Voters and policymakers must decide how best to achieve these goals, working within the framework of a market economy.

They are: economic freedom, efficiency, equity, security, full employment, price stability, and growth.

When a society clearly states that its most fundamental goal is the preservation of individual lives, particularly by means of statements of strong commitment by its leaders, it will undoubtedly affect the actions of its individual members.

Here are several examples of what some social goals may look like: Volunteer regularly at the local food kitchen/food bank. Donate quarterly to a charity of your choice. Stand up for/advocate for everyone’s right to believe how they want to.

People with poor social skills have high levels of stress and loneliness in their lives.” Social skills refer to the communication skills that allow people to interact effectively and appropriately with others.