Transcript text: Your friend Owen is a bit of a pessimist. "The world already has 7 billion people," he says. "The population is growing too fast. Soon, there will be a food shortage-especially for people in undeveloped countries. They are too far behind modern times." Using what you've learned about economic growth, why might Owen be wrong?
Owen overlooks the potential for technological progress to increase food production enough to keep pace with population growth.
increasing marginal product of capital equipment used in the agricultural sector resulting in higher yields as more capital is used.
choices societies can make to reduce the resources devoted to non-agricultural activities to increase the production of food.
fact that we have limited resources available to devote to food production.