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Which is one of the four simplifying assumptions made in the chapter about the construction of the production possibilities model?

The economy is fully employed and is using least-cost methods of production.


List 3 other methods of calling for help when a telephone is not availble?

Wave a flag, shout or visit a neighbour.


What are the Five methods of production processes?

The five methods of production processes are job production, batch production, mass production, continuous production, and custom production. Each method is suited for different types of products and production volumes.


What were the methods of trading in the early civilization?

barter economy


What is industrialization mean?

To change to industrial methods or to adapt to methods of production and manufacturing like to change.


Many industries of the 1920s improved the efficiency of production by adopting what?

Mass production methods that lowered their cost.


What are the two methods by which food production can be increased?

the two meathod to increased the food production are: 1)to incra


What is the application of science to machinery and new methods of industrial production?

begal


How production has changed since Victorian times?

Methods and machines have modernised.


What is the definition of industialization?

Industrialization is the process by which an economy shifts its primary focus from agriculture to manufacturing and other industries. It involves the widespread adoption of machinery, technology, and mass production methods to increase efficiency and output in the production of goods.


Which of the following methods of computing depreciation is production based?

Which of the following methods of computing depreciation is production based?A. Straight-line.B. Declining-balance.C. Units-of-activity.D. None of these.Ans: C. Units- of- activity


What is the study of political economy?

Economics and government policies are related. The study of political economy applies the methods of economics to analyze how governments operate.