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Technology increases production per unit of input (either labor or capital). Any increase in technology necessarily increases output per unit of input.
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An economy working below its most efficient production levels?
An economy working below its most efficient production levels points inside the production possibilities frontier. This is in the context of a production possibilities curve.
How is technology used in production?
machinery could be used to mass produce products
Law of increasing opportunity costs reflected in a PPC is concave to the origin?
The Law of Increasing Opportunity Cost that is shown in a Production Possibilities Curve is concave to the origin. This is because it shows the maximum gain of two products used in production.
What is the difference between global strategy and international strategy?
International strategies may be focused on a limited number of countries or regions. Global strategy would include - as possibilities - all areas for procurement, production, and sales.
What are the factors that affect labor supply?
There are many factors that affect labor supply. In most cases, this will be determined by the wage rate of the particular industry and the production level expected among other factors.
What effects does increased technology have on the production possibilities curve?
It shifts to the rightIt will have an affect only if the resource increases as well. Technology increases production per unit of input. Any technology involved necessary increases output per unit of input.
An increase in technology will cause the production possibilities curve to?
shift outward
What does a country production possibilities depend on?
It depends on available resources and technology
What does a countries production possibilities curves depend on?
It depends on available resources and technology
Increases in resources or improvements in technology will cause the production possibilities frontier to?
shift outward
How does the production possibilities frontier move?
additional resources or new technology become available
Increases in resources or improvements in technology will tend to cause a society's production-possibilities curve to?
shift outward
What Cause a production possibilities to move to the right?
new technology, new labor sources, new resources
What is the concept of the production possibilities?
Production possibilities is the extent of production in businesses. Production possibilities can change if resources increase within a business. Increasing labor can also change production possibilities.
Where would a point of underutilization appear on a product possibilities graph?
below or to the left of the production possibilities frontier
What line that shows different production possibilities for an economy?
production possibilities frontier
What tool helps a producer set up an efficient system of production?
a production possibilities frontier graph
