Cost of Gain First, What you are giving up Afterwards

✅ Correct.

Your notes accurately describe the Production Possibility Curve (PPC) and its shifts:

• Definition of PPC: A PPC indeed shows the combinations of two goods an economy can produce when all its factors of production are fully and efficiently utilized.
• Outward Shift: An outward shift of the PPC (as shown in your diagram) represents economic growth, meaning the country can produce more of both goods (guns and butter) than before.
• Causes of Outward Shift: The causes you listed are correct:
  1. Larger Labour Force: An increase in the quantity of available labor.
  2. A new Resource: An increase in the quantity or discovery of natural resources or capital.
  3. Technology: Improvements in production methods or new technologies that make production more efficient.