Explain how productivity, economic growth, and future standards of living are influenced by investment in factories, machinery, new technology, and the health, education, and training of people.
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Define productivity as the relationship of inputs to outputs.
Explain how investment in equipment and technology can lead to economic growth.
Explain how investments in human capital (e.g., education, job training, and healthcare) can lead to a higher standard of living.
Analyze, by means of a production possibilities curve: trade-offs, opportunity cost, growth, and efficiency.