0
When an economy is at full employment and full production more of any one product?
Wiki User
∙ 11y ago
can be produced only if there is less production of some other products.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Is an economy is efficient when it has achieved full production?
The economy is efficient only when it has achieved full employment and full production
An economy is efficient when is has achieved?
both full employment and full production
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.
Full employment is a contributor mostly to?
Full employment in a society contributes to a thriving economy. When there is under-employment in a society, the economy begins to lag because the population will not be spending much.
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
Is an economy is efficient when it has achieved full production?
The economy is efficient only when it has achieved full employment and full production
An economy is efficient when is has achieved?
both full employment and full production
What Gross domestic product when we are at full employment?
No country has ever had full employment. If any country did then it would depend on the economy, both internally and internationally.
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.
Full employment is a contributor mostly to?
Full employment in a society contributes to a thriving economy. When there is under-employment in a society, the economy begins to lag because the population will not be spending much.
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
What is the difference between full employment and full production-in economics?
Full employment is using all available resources, priod. Full production is using those resources to their maximum potential.
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.
To show Full Employment on a Production Possibilities Curve you indicate what?
Full employment exists at every point on the production possibility curve. Which can be indicated with Y(f).
Would it be harder for a nation to attain full employment or full production?
yes
Does an economy with full employment have any type of unemployment rate?
no
Potential GDP is the same as real GDP when?
the economy is operating at full employment. Note: full employment is not the same as zero unemployment.
