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An opportunity cost is the alternative choices that can be made with the allocation of scarce resources. A production possibility frontier is a graph illustrating those opportunities and comparing their results.
The Structure of Nigeria Economy means, how resources are woned and how Production, Distribution and Consumption are managed in Nigeria.
Developed countries have a wide variety of resources and exploit these to the fullest. Advanced technology allow full use of resources. These countries reach a level of production which satisfies their domestic consumption and a surplus to be exported to other countries.
The law of increasing opportunity costs states that as production of a product increases, the cost to produce an additional unit of that product increases as well. This law is responsible for the bowed shape of the production possibilities curve. Because not all of our economy's resources are equally well-suited to the production of a single good, the increasing opportunity cost is present.
Economic resources are not completely suited to all forms of uses, i.e. the answer lies in the specificity of resources. One resource is often more suited to the production of a certain commodity above others. For example, land is more suitable to the production of apples than the production of shirts. As we increase the shirt production, more and more land is transferred to production of shirts, where it is less suitable. Therefore, opportunity cost of producing shirts increases.
How the opportunity cost can be applied to the production process for the allocation of resources. How the opportunity cost can be applied to the production process for the allocation of resources.
Human resources accomplishments are measured. When employees improve their production because of incentives and rewards, managers can attribute these changes to human resources.
An opportunity cost is the alternative choices that can be made with the allocation of scarce resources. A production possibility frontier is a graph illustrating those opportunities and comparing their results.
The Structure of Nigeria Economy means, how resources are woned and how Production, Distribution and Consumption are managed in Nigeria.
Developed countries have a wide variety of resources and exploit these to the fullest. Advanced technology allow full use of resources. These countries reach a level of production which satisfies their domestic consumption and a surplus to be exported to other countries.
Mineral resources are considered non-renewable because their production by earth forces on a geologic timescale cannot keep up with their consumption by humans on a human timescale.
Economics is the social science that studies how individuals, governments, and societies make choices on how to allocate resources to produce goods and services for consumption. It deals with the production, distribution, and consumption of goods and services within a society.
The law of increasing opportunity costs states that as production of a product increases, the cost to produce an additional unit of that product increases as well. This law is responsible for the bowed shape of the production possibilities curve. Because not all of our economy's resources are equally well-suited to the production of a single good, the increasing opportunity cost is present.
Economic resources are not completely suited to all forms of uses, i.e. the answer lies in the specificity of resources. One resource is often more suited to the production of a certain commodity above others. For example, land is more suitable to the production of apples than the production of shirts. As we increase the shirt production, more and more land is transferred to production of shirts, where it is less suitable. Therefore, opportunity cost of producing shirts increases.
The law of decreasing opportunity cost states that as a producer shifts resources from one good to another, the opportunity cost of producing additional units of the second good will decrease. This is because resources are not equally productive in all activities, leading to diminishing returns as more resources are allocated to a single activity.
The study of economics involves looking at all the activities from production all the way to consumption. This is an overview of how resources are used.
because their resources are limited and fossil fuel consumption rate is higher than their possible production rate.