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It lowers cost and increases supply.
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∙ 12y ago
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What are some true statements about the industrial revolution and capitalism?
(Nova-Net) New technology made production much more efficient.
How can you reach beyond the production possibility frontier?
With the introduction of new technology and new resources will shift the production possibility frontier.
When new technology is introduced the production possibility curve will shift which way?
The right.
What is the impact of technology to demand for goods and services?
The impact of demand for goods by technology actually lies within how it affects supply. Technology generally lowers the cost of production and increases efficiency, lowering unit costs for good production and thus increasing equilibrium demand. Additionally, secondary effects of technology may come from information: technology imparts information and dependency on those who use it, so they become used to new technology/methods and demand more of it in the future, discarding less efficient methods.
How does the production possibilities frontier move?
additional resources or new technology become available
What are some true statements about the industrial revolution and capitalism?
(Nova-Net) New technology made production much more efficient.
How can you reach beyond the production possibility frontier?
With the introduction of new technology and new resources will shift the production possibility frontier.
What Cause a production possibilities to move to the right?
new technology, new labor sources, new resources
What can cause a production possible curve to move to the right?
new technology, new labor sources, new resources
When new technology is introduced the production possibility curve will shift which way?
The right.
What is the impact of technology to demand for goods and services?
The impact of demand for goods by technology actually lies within how it affects supply. Technology generally lowers the cost of production and increases efficiency, lowering unit costs for good production and thus increasing equilibrium demand. Additionally, secondary effects of technology may come from information: technology imparts information and dependency on those who use it, so they become used to new technology/methods and demand more of it in the future, discarding less efficient methods.
How does the production possibilities frontier move?
additional resources or new technology become available
Advances in production such as new technology can do which to a good?
transform it from an expensive luxury to a mid-priced good.
What are the four families of technology?
Communication Technology Production Technology Transportation Technology Bio Technology
How did the industrial revolution affect businness?
Nova Net Answer: New technology made production efficient.
. How did the Industrial Revolution affect business?
New technology made production efficient It also brought conflicts like competiton with other nations which lead to Imperialism.
What is an example of lower production costs brought about by the use of technology?
what is an example of lower production costs brought about by technology
