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When a producer has an absolute advantage, what advantages do they possess in terms of production capabilities compared to other producers?
When a producer has an absolute advantage, they can produce a good or service more efficiently and with fewer resources than other producers. This means they can produce more output in the same amount of time or produce the same output using fewer resources, giving them a competitive edge in the market.
How do absolute advantage and comparative advantage have in common?
Firstly absolute advantage is where a firm or producer can produce the good using less/fewer resources than another competitor, therefore the producer has the absolute advantage and is more economically efficent. Whereas Comparative advantage is where a firm can produce a good at a lower opportunity cost than another producer. So these to economic situations are very similar and are both about which producer is most economically efficent to produce certain goods, though they have one main thing in common. Knowing who has the absolute or the comparative advantage means the producers can use specialisation to esure the least resources are produced and the best firms who can produce the good the best are producing them.
How bank protect themselves against inflation?
my answers: the general price of goods will increase. Much money will purchase fewer goods. The producer will have to produce more so as to increase it sales. The public will suffer for this actions. Bank lending rate will be higher as demand for money will be of great importance.
Under what conditions does a nation have an absolute advantage in the production of a product?
When a nation can use fewer resources to produce the same amount of a product, it has an absolute advantage in the production of that product.
Explain why an economic boom may result in a budget surplus?
In general, booms produce more revenue and require fewer expenditures for items such as welfare, unemployment insurance, etc.
When a producer has an absolute advantage, what advantages do they possess in terms of production capabilities compared to other producers?
When a producer has an absolute advantage, they can produce a good or service more efficiently and with fewer resources than other producers. This means they can produce more output in the same amount of time or produce the same output using fewer resources, giving them a competitive edge in the market.
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.
How do absolute advantage and comparative advantage have in common?
Firstly absolute advantage is where a firm or producer can produce the good using less/fewer resources than another competitor, therefore the producer has the absolute advantage and is more economically efficent. Whereas Comparative advantage is where a firm can produce a good at a lower opportunity cost than another producer. So these to economic situations are very similar and are both about which producer is most economically efficent to produce certain goods, though they have one main thing in common. Knowing who has the absolute or the comparative advantage means the producers can use specialisation to esure the least resources are produced and the best firms who can produce the good the best are producing them.
Is the increase in efficiency gained by producing more output without using more inputs?
savings
How do the search engine results compare to the subject directory results?
Compared to subject directories, what types of results do keyword searches produce?They produce more up-to-date Web sites.They produce fewer hits.They produce fewer up-to-date Web sites.They produce more hits.
Organisms without mitochondria are expected to produce how much fewer molecules?
They are anaerobic respirers. They produce only two
Which is the state in which fewer drinks are needed to produce the original effect?
reverse tolerance
Why do flowering plants produce fewer seeds?
This question does not make sense. Most flowering plants produce seed in varying quantities.
How bank protect themselves against inflation?
my answers: the general price of goods will increase. Much money will purchase fewer goods. The producer will have to produce more so as to increase it sales. The public will suffer for this actions. Bank lending rate will be higher as demand for money will be of great importance.
What happens to trees if they don't get enough sunlight?
If trees don't get enough sunlight, they may have stunted growth, produce fewer leaves, and have a decreased ability to photosynthesize, leading to weakened overall health. This can make them more susceptible to diseases and pests, ultimately impacting their ability to thrive and survive.
How many fewer metric tons did the us produce in2002 than in 2001?
The US produced 124 million fewer metric tons in 2002 than in 2001.
Would there be as much food production if there were fewer people in the world?
no , if there are less people it means they dont have to produce for them. And less people will produce food smile* wiink*
