Growing/shifting the production possibility curve to the right, and growing your economy. There are four methods of doing this: 300words
- Increase the quantity of your resources
- Invest in technology and increase the quality of your resources
- Sacrifice consumer goods to produce more capital goods
- Specialization and trade.
You can go to the www.bea.gov web site as well as the other web sites listed on the Data and Institutions lecture page and look up the growth rates for the United States, China, and India.
Of the four methods for growing an economy, which one or ones do you feel are responsible for the growth of the U.S. China and India?
