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An economy is efficient when is has achieved?
both full employment and full production
If the economy is producing on the production possibilities curve?
At Full Potential
When production is efficient there?
When production is efficient, resources are utilized in a way that maximizes output while minimizing waste. This means that goods and services are produced at the lowest possible cost, ensuring that the economy operates at its full potential. Efficiency also implies that it is not possible to increase the production of one good without reducing the production of another, reflecting optimal allocation of resources. Overall, efficient production contributes to economic growth and improved standards of living.
An economy at its production possibilities frontier is operating?
At full potential.
When an economy is at full employment and full production more of any one product?
can be produced only if there is less production of some other products.
An economy is efficient when is has achieved?
both full employment and full production
If the economy is producing on the production possibilities curve?
At Full Potential
How efficient is esx regarding to security?
ESX is extremely efficient regarding security. Full protection will be achieved once proper procedures are completed. Full requirements must be achieved in order to obtain proper efficiencies.
An economy at its production possibilities frontier is operating?
At full potential.
When an economy is at full employment and full production more of any one product?
can be produced only if there is less production of some other products.
What will most likely still occur when the economy has achieved full employment?
Frictional, Seasonal, and Structural Unemployment
What is full employment level of output?
The quantity of real production or real aggregate output (or better yet, real gross domestic product) produced by the macro-economy when resources are at full employment. For all practical purposes, full-employment real production is real GDP produced when unemployment is at it's natural level, the combination of frictional and structural unemployment that can be maintained without inflation (or deflation either). For the aggregate market analysis, this is the level of real production achieved and maintained in the long run. The long-run aggregate supply curve is vertical at full-employment real production.
What is represented by a point inside the curve on a production possibilities curve graph?
A point inside the curve on a production possibilities curve (PPC) represents an inefficient use of resources, where the economy is not operating at its full potential. This indicates that more of one or both goods could be produced without sacrificing the production of another good. It suggests underutilization of labor, capital, or technology. In contrast, points on the curve represent efficient production levels.
When a firm is operating at an efficient scale?
Efficient scale is the smallest amount of production a company can achieve while still taking full advantage of economies of scale with regards to supplies and costs. In classical economics, the minimum efficient scale is defined as the lowest production point at which long-run total average costs (LRATC) are minimized.
What are the three Sectors of production?
1- two goods are produced depicting choices and trade off for the nation 2- full employment and full production are achieved allowing for maximum utilization of resources. 3- short run is the time frame over which resources can not be improved or increased.
In a competitive market economy firms will select the least-cost production technique because?
such choices will result in the full employment of available resources
When an economy is operating under conditions of full employment why will the production of more of commodity A mean the production of less of commodity B?
It will occur because of the movement of workers from the production of one commodity to the other. Full employment means that there are no unemployed workers available. In this case, the hypothetical economy is a closed system. No new workers, materials, production facilities, money or markets can be introduced. Because it is operating under conditions of full employment, all the workers, raw materials, factories, money and customers are being fully utilized. Therefore, if we decide we need more Commodity A we have to steal workers, materials and production space from that allocated to Commodity B.
