Homework Help is Here – Start Your Trial Now!
Business
Economics
Q.1. Large number of technical training institutions have been started by the government. State its economic value in the context of production possibilities frontier.

Q.1. Large number of technical training institutions have been started by the government. State its economic value in the context of production possibilities frontier.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question

Please be quick

**Q1.** Large number of technical training institutions have been started by the government. State its economic value in the context of production possibilities frontier. This question explores the economic benefits of technical training institutions by assessing their impact through the lens of the Production Possibilities Frontier (PPF). The PPF is a model that illustrates the trade-offs and opportunity costs of producing two goods or services. By enhancing workforce skills, technical institutions can potentially expand an economy’s capability to produce more goods and services efficiently. This expansion shifts the PPF outward, indicating an increase in an economy’s maximum potential output. Implementing such training can lead to innovation, better resource utilization, and a more skilled labor force, which are essential for economic growth.
Transcribed Image Text:**Q1.** Large number of technical training institutions have been started by the government. State its economic value in the context of production possibilities frontier. This question explores the economic benefits of technical training institutions by assessing their impact through the lens of the Production Possibilities Frontier (PPF). The PPF is a model that illustrates the trade-offs and opportunity costs of producing two goods or services. By enhancing workforce skills, technical institutions can potentially expand an economy’s capability to produce more goods and services efficiently. This expansion shifts the PPF outward, indicating an increase in an economy’s maximum potential output. Implementing such training can lead to innovation, better resource utilization, and a more skilled labor force, which are essential for economic growth.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Payroll Taxes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS