Economics Resources, scarcity, production possibilty curve and opportunity cost.

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There are four main types of resources available for use in production, land, labour, capitol and enterprise. These resources are scarce due to the fact that wants are unlimited. Since all wants cannot be satisfied, we have to make choices in what to buy. A production possibility curve can be used to illustrate the economic problem. With advances in technology and expanding resources, the production possibility curve will move over time. Resources are known as …

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…time, as a result, its PPC will move out to the right. Society is thus capable of satisfying more of its wants. This increasing capacity of society to satisfy more of its wants is known as economic growth. We can conclude that by expanding its resource supplies and improving its level of technology, the fully employed economy can increase its potential output of goods and services. In other words, the economy is capable of growth.