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Answer to Question #59810 in Other Economics for patrick

Question #59810
There are three main mechanisms by which a country’s production possibility frontier is expanded. Name the three mechanisms and for each one illustrate what happened in Britain during the ‘industrial revolution’.
Expert's answer
Production possibilities frontiers (PPF) can be expanded by a technology development, improvement the management expertise and by increasing of the available quantities of the production factors.
In Britain during the “industrial revolution” there was a fast technological development, which was the main factor for the PPF expansion. At the same time, the quantities of production factors remained approximately the same and there was no a significant improvement in management expertise.

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