Lesson Note 5.5: Methods for Estimating Project Times and Costs, 5 pts. This section in the textbook introduces a number of techniques. Do not focus on the details of each technique. Learn the terms and focus on understanding that a number of techniques fit the top-down category of estimating.
A productionâpossibility frontier (PPF) or production possibility curve (PPC) is the possible tradeoff of producing combinations of goods with constant technology and resources per unit time.
Economic growth is the sustained expansion of production possibilities. If more capital is accumulated production possibilities increase and the PPF shifts outward. The (opportunity) cost of economic growth is that resources used to increase capital cannot be used to produce current consumption goods and services. 2013 Pearson Education, Inc. Publishing as Addison Wesley TheEconomic Problem Chapter CHAPTER CHECKLIST Chapter 3 develops an economic model, the production possibilities frontier, or PPF, model.