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What is the relationship between production possibility frontier and opportunity cost?
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.
What is the Meaning of Structure of Nigeria Economy?
The Structure of Nigeria Economy means, how resources are woned and how Production, Distribution and Consumption are managed in Nigeria.
What does law of increasing opportunity cost express?
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.
What is the surplus level of production?
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.
What is the reason for the law of increasing opportunity costs?
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.
Why is human resources important to the development of industry?
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.
Is Human Resources accomplishes is not measurable?
Human resources accomplishments are measured. When employees improve their production because of incentives and rewards, managers can attribute these changes to human resources.
If consumption is the process of using things making the things that are used is known as?
Production. It involves creating goods and services for consumption by utilizing resources like labor, technology, and materials. Production is necessary to fulfill the demand generated by consumption.
What is the relationship between production possibility frontier and opportunity cost?
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.
This factor of production is represented as interest earned on investments?
The factor of production represented as interest earned on investments is capital. Capital refers to the financial assets or resources that are utilized to generate income and facilitate production. Interest is the return earned on these financial assets when they are invested, reflecting the opportunity cost of using the capital for investment purposes rather than for consumption.
Different kinds of resources?
Resources can be broadly categorized into natural, human, and capital resources. Natural resources include raw materials like water, minerals, and forests, which are used in production and consumption. Human resources refer to the skills, knowledge, and labor contributed by individuals. Capital resources are assets such as machinery, buildings, and tools that facilitate production processes.
What is the Meaning of Structure of Nigeria Economy?
The Structure of Nigeria Economy means, how resources are woned and how Production, Distribution and Consumption are managed in Nigeria.
What does law of increasing opportunity cost express?
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.
What is the surplus level of production?
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.
What is the reason for the law of increasing opportunity costs?
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.
Are mineral resources nonrenewable?
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.
What social science is described as people government and societies choose how to use scarce resources I produce items for consumption?
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.
