Question

Many thinkers believe that we are rapidly depleting our natural resources. Assume that
there are only two inputs (labour and natural resources) producing two goods (wheat
and gasoline) with no improvement in technology over time. Show what would happen
to the Production Possibility Curve over time as natural resources are exhausted. How
would invention and technological improvement modify your answer? On the basis of
this example, explain why it is said "economic growth is a race between depletion and
invention".​

Answer 1

Answer:

Explanation:

Human involvement is a must factor in every aspect of life whether it is production of wheat or gasoline or any  other crop.

Human beings use technology and implement technology to produce such items. there are some things  human beings cannot do it with out technology and some other things can be made with out technology but it is difficult.

if a human being do things without technology it may effect the production quantity hence it is necessary to use technology.

Answer 2

Answer:

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Explanation:

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