The new production possibilities frontier will indicate that with the technological advance, more \( \square \) can be proc

The new production possibilities frontier (PPF) showcases that technological advancements enable a society to produce more goods or services with the same amount of resources. Imagine a farmer who acquires a more efficient irrigation system; suddenly, that farmer can grow more crops using the same land and labor. Isn’t it amazing how a sprinkle of tech can boost productivity? Additionally, the concept of opportunity cost becomes even more vital when evaluating the new PPF. As production capacity expands, choosing to produce more of one good means giving up some of another. For example, if a company decides to produce more smartphones due to technology improvements, it must assess what additional resources could have been used for producing tablets or laptops. Balancing these choices is key to maximizing overall benefits!