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When production is efficient, resources are utilized in a way that maximizes output while minimizing waste. This means that goods and services are produced at the lowest possible cost, ensuring that the economy operates at its full potential. Efficiency also implies that it is not possible to increase the production of one good without reducing the production of another, reflecting optimal allocation of resources. Overall, efficient production contributes to economic growth and improved standards of living.
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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
How does a production possibilities curve illustrate how efficient an economy is?
A production possibilities curve illustrates how efficient an economy is by indicating the possibly opportunities in the economy. This will also illustrate the relevant costs entailed in the production.
What are some true statements about the industrial revolution and capitalism?
(Nova-Net) New technology made production much more efficient.
An efficient point of production is?
at the point where MR=MC, Profit is maximized.This is considered as the Optimum Production.
What best states the purpose of using production possibilities frontier?
Setting up efficient production
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 working below its most efficient production levels?
An economy working below its most efficient production levels points inside the production possibilities frontier. This is in the context of a production possibilities curve.
What is known as the efficient production of large numbers of identical goods?
Mass production.
How does a production possibilities curve illustrate how efficient an economy is?
A production possibilities curve illustrates how efficient an economy is by indicating the possibly opportunities in the economy. This will also illustrate the relevant costs entailed in the production.
What are some true statements about the industrial revolution and capitalism?
(Nova-Net) New technology made production much more efficient.
What states the purpose of using the production possibilities frontier?
Setting up efficient production
An efficient point of production is?
at the point where MR=MC, Profit is maximized.This is considered as the Optimum Production.
What helps a producer set up an efficient system of production?
a production possibilities frontier graph
What best states the purpose of using production possibilities frontier?
Setting up efficient production
What best states the purpose of using a production possibility frontier?
Setting up efficient production
What was a key factor in Henry Ford's success?
His introduction of mass production. This was a very efficient form of production.
What tools help a producer set up efficient system of production?
a production possibilities frontier graph
