An outward shift of an economy's production possibilities curve is caused by: an increase in capital, an increase in labor, and an advance in technology.
Economics is the social science that studies the production, distribution and consumption of goods and services. Economics focuses on the actions and interactions of economic agents and how the economy works. An economy's trade balance is the amount it spends importing goods and services compared to the amount it earns from exporting goods and services.
Economic income is the ability of a firm to reflect changes in the value of certain assets in the market. It generally captures unrealized gains in addition to realized gains. A change in market value rather than money received is a perfect example of economic income.
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