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How do people deal with scarcity resources choice opportunity cost price incentives supply and demand production and consumption?
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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 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 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 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.
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 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.
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 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 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.
What does the study of economics involve looking at?
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.
Why is there likely to be fossil fuel crisis sometimes?
because their resources are limited and fossil fuel consumption rate is higher than their possible production rate.
What are some economics problem?
Economic problems relate to production of goods and services for consumptions with the scarcity of resources and the choices with the allocation of the available resources for production.The modern theory looks into the problem of level of income and employment,investment,savings,production and consumption including exports.
What is the link between resources and envronmental degradation?
Resources is directly proportional to Environmental Degradation. When consumption from resources is high Environmental Degradation is high. When Consumption from Resources is low Environmental Degradation is low.
