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’.
1
Expert's answer
2016-05-10T08:38:02-0400
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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