Cause of outward shift production possibility frontiers
The outward shift production possibility frontiers can be as a result of the following factors
- Improvement in technology through innovations and inventions. Innovation refers to the improvement on the existing techniques and methods of production while invention refers to the total discovery of new techniques and methods of production.
- Increase in labour force.
- Improvement in the existing infrastructure.
- Political stability.
- Discovery of new resources in in the economy,
- Increase in capital stock.
- Improvement in entrepreneurial skills.
- Increase in the efficiency of workers
CATEGORIES Economics
TAGS Dr. Bbosa Science