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TIES llisWer question 1. Skateboards PPF1 PPF2 Shoes The shift from PPF1 to PPF2 could occur in response to: a. increased unemployment in the shoe industry b. increased unemployment in the skateboard industry c. technological improvements in the shoe industry d. technological improvements in the skateboard indystryProduct Market goods and services output spending revenue Business Sector Household Sector payments income inputs Resource Market resources Households goods and services in the Product Market. supply/demand ss firmsgoods and services in the Product Market. supply/demand Households factors of production in the Resource Market. supply/demand Business firms factors of production in the Resource Market. supply/demand

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Answer #1

1. The shift in PPF1 to PPF2 is outwards thus it shows that increase in output of Shoes with the limited resources. This will happen only when there is technological improvement in the shoe industry.

Option C. Technological improvement in the shoe industry.

2. Households Demand goods and services in the Product Market.

Business firms Supply goods and services in the Product Market.

Households Supply factors of Production in the Resources market.

Business firms Demand factors of Production in the Resources market.

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