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Use a PPF to explain the difference between actual and potential growth.
The PPF shows possible output, taking into consideration all factors of production - but de facto output is determine by a point on or within the PPF.
Actual growth means that the point moves outwards, whereas potential growth is shown by an outward shift in the PPF.
The Equilibrium Consumption Combination equilibrium for the person occurs at the point where the indifference curve, shown by II, is tangent to the budget line, portrayed by BB. T
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causes of abnormal supply curve
Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
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What actions could a government take in order to keep the price above market equilibrium? There are four basic possibilities here; 1) Minimum price; 2) A tax on the good
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