What is one way that economics can influence your daily life?

Here are several ways:

•u have 2 pay taxes and bills when u become a big grown up lad and if u no understand economics this part of your inevitable future will likely be more difficult

•economics teaches u that saving moneys is good, so u should save up big moneys so u can move 2 beach for retirement

•economics teaches u the concept of human necessities-- u need to manage ur money so u can buy important stuff like f00d

•being homeless is sad and knowing economics will help u become a non-homeless adult

•economics teaches u that u should not waste ur money on Gucci

levels of production can be increased by technology while holding labor and capital constant, because increased technology makes the production process more efficient. subsequently, the lras curve is almost a vertical line, that can shift to the right, with an increase in technology.

the relationship between the lras curve and the ppc is that both can make the economy could grow. the ppc achieves that when it shifts outward because of more resources or technological advances while the lras curve shifts if more resources are developed or if there are technological advances.

the lras curve is a vertical line at an output level that represents the number of goods and services a nation can produce over a sustained period using all of its productive resources as efficiently as possible with all of the current technology available to it.

the production possibilities frontier (ppf) is a graphical device that is used for economic analysis of production decisions because the ppf measures the maximum possible combinations of two goods that an economy is capable of producing with its currently available resources and technology.