This growth is the growth of production opportunities. It helps enhance the standard of life of persons but cannot do away with the glaring scarcity and the phenomenon of opportunity cost. In United States of America the production per person has doubled over the past 30 years. To ensure substantial growth of the economy a tradeoff is reached. In this tradeoff, opportunity cost of economic growth can be increased if the production is increased.
Links of Previous Main Topic:-
- Definition of Economics
- Economic Problem
- Production Possibilities and Opportunity Cost
- Production Efficiency
- Trade Off Along the PPF
- Opportunity Cost
- Using Resources Efficiently
Links of Next Macroeconomics Topics:-