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ECS1501-25-Y

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This question is based on the following diagram.

A movement from point A to point G represents a technological improvement in the production of both tables and chairs.

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point inside the production possibilities curve indicates unemployment.

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Production points inside the production possibilities curve

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The production possibilities curve represents

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The fact that opportunity costs increase while moving along a production possibilities curve suggests that a production possibilities curve for any economy will

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Any point outside or to the right or beyond the production possibilities curve represents an unattainable combination of goods and services.
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If Thabang is producing at a point on his production possibilities curve, then he

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Which statement best reflects the role of private property in a market economic system?
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Why might traditional economic systems adopt new technologies or innovative practices more slowly than market economies?
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The purpose of an economic system is to solve the three central economic questions (What? How? For whom?).
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