a. Please explain Allocative Efficiency and how the point of AE is found.
i. Define it,
ii. Explain the 2 step process for finding the point of allocative efficiency on the PPC.
b. On the topic of Economic growth: need to see some detail here.
i. What does it mean?
ii. How can it be graphically represented?
iii. What are the prerequisites to Economic growth?
iv. Why is Economic growth important to you and your country?
v. What factors tend to limit growth and how do they limit growth?