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Yes technology is one of the factors of production. The use of technology helps saves time and human hour. Technology also helps saves cost.
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Fixed proportions technology?
The Fixed Proportion Production Function, also known as a Leontief Production Function implies that fixed factors of production such as land, labor, raw materials are used to produce a fixed quantity of an output and these production factors cannot be substituted for the other factors.
Five factors aiding the booming growth of corporations included?
The five factors that encourage industrial growth include improved transportation, modern machinery, and improved communication. Two other factors are assembly line production and better production methods with modern technology.
Over time certain nonprice factors can shift the entire supply curve for a production List these factors?
Number of sellers, technology, resource prices, taxes/subsidies, expectations of producers, and the prices of other goods the firm could produce
The use of technology as a stimulus for more and better production had its beginning in?
The use of technology as a stimulus for more and better production had its beginning in the marketing and advertising sectors. This was later introduced to all the other sectors including production.
What is it called when a PPF is shifted to the right?
This trend shows "The growing economy".When a PPF is shifted to the right,it means the capacity of production is increased by improvement in technology,discovery of new resources or some other factors.
Fixed proportions technology?
The Fixed Proportion Production Function, also known as a Leontief Production Function implies that fixed factors of production such as land, labor, raw materials are used to produce a fixed quantity of an output and these production factors cannot be substituted for the other factors.
How does technology differ from capital as a factor of production?
Factors of production typically include land, labor, capital, and natural resources. These inputs are used directly to produce a good or service. Technology, on the other hand, is used to put these factors of production to work. ... An improvement in technology usually means that fewer and/or less costly inputs are needed.
Five factors aiding the booming growth of corporations included?
The five factors that encourage industrial growth include improved transportation, modern machinery, and improved communication. Two other factors are assembly line production and better production methods with modern technology.
Australia's 4 factors of production?
Australia's (and every other country) four factors of production are:LandLabourCapitalEntrepreneurship.Hope this helps
Why is money a factor of production?
money acts as a factor of production. it is because the other factors of production are indirectly dependent on money. more the money paid to any factor of production more it will work. hence money encourages other factors of production to work more.
Over time certain nonprice factors can shift the entire supply curve for a production List these factors?
Number of sellers, technology, resource prices, taxes/subsidies, expectations of producers, and the prices of other goods the firm could produce
The use of technology as a stimulus for more and better production had its beginning in?
The use of technology as a stimulus for more and better production had its beginning in the marketing and advertising sectors. This was later introduced to all the other sectors including production.
What is it called when a PPF is shifted to the right?
This trend shows "The growing economy".When a PPF is shifted to the right,it means the capacity of production is increased by improvement in technology,discovery of new resources or some other factors.
Who possesses the factors of production?
the entrepreneur possesses all other factors of production because he performs managerial functions.which include risk bearing,employment of labour,he provides the necessary capital needed for production.
Which factor of production directs the work flow of the other three factors?
Management
What factor of production directs the work flow of the other 3 factors?
management
When factors of production perform only task they can do more than other?
Specialization is when factors of production perform only tasks they can do more efficiently than others. This is argued to maximize efficiency, but also increases interdependence among aspects of production.
