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What are two major ways an economy can grow and push out its production possibilities curve?
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How will technological advances affected the production possibilities curve?
Let's briefly explore each one of these and see how they shift the curve. Probably what you hear about most in economics is how changes in technology affect the curve. For example, let's say the country discovers a new technology, such as a new computer system that improves productivity. Anything that improves the productivity of workers is good. This causes output to increase, so the production possibilities curve shifts outward, or to the right. On the other hand, let's say a major war causes destruction of capital equipment in the country. This would cause output to decrease, so in this case, the production possibilities curve shifts inward, or to the left.
WHAT ARE three major flow in the economy?
production, income and spending.
In a command economy economic decisions are mostly influenced by?
Its the government because its the one that control all means of production.
What is a market economy based on?
A market economy is an economy in which decisions regarding investment, production and distribution are based on market determined supply and demand. Prices of goods and services are determined in a free priced system
What are the major characteristics of an indifference curve?
The three major characteristics of an indifference curve are: 1. They are negatively sloped 2. They are convex to the origin 3. Indifference curve cannot be intersected
How will technological advances affected the production possibilities curve?
Let's briefly explore each one of these and see how they shift the curve. Probably what you hear about most in economics is how changes in technology affect the curve. For example, let's say the country discovers a new technology, such as a new computer system that improves productivity. Anything that improves the productivity of workers is good. This causes output to increase, so the production possibilities curve shifts outward, or to the right. On the other hand, let's say a major war causes destruction of capital equipment in the country. This would cause output to decrease, so in this case, the production possibilities curve shifts inward, or to the left.
the three major flows in the economy?
explain the 3 major flows in the economy
WHAT ARE three major flow in the economy?
production, income and spending.
What is economy command?
Command Economy is all major decisions related to the e production, commodity and service prices are all made by the goverment.
What were the risks of ending slavery?
A major risk was that there economy would fall off the face of the earth, they lost all of their cotton production, and in fact, all of their production. without the slaves there wouldn't have been an economy in the south
In a command economy economic decisions are mostly influenced by?
Its the government because its the one that control all means of production.
What is a market economy based on?
A market economy is an economy in which decisions regarding investment, production and distribution are based on market determined supply and demand. Prices of goods and services are determined in a free priced system
What are the major characteristics of an indifference curve?
The three major characteristics of an indifference curve are: 1. They are negatively sloped 2. They are convex to the origin 3. Indifference curve cannot be intersected
What is an economic system in which the government decides what will be produced how it will be produced who gets what is produced and who owns and controls the major factors of the production?
Command economy. wrooooooong!
What statement describe one major aspect of a command economy?
Supply and demand determines what will be produced.
What are some major industries in New Mexico?
Oil and gas production, tourism, and federal government spending are important drivers of the state economy.
What is New Mexicos economy?
In 2003 New Mexico's economy was $1.2 billion
