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When some factors production can perform tasks more efficiently than others?
Wiki User
∙ 12y ago
specialization
Wiki User
∙ 12y ago
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Adam smith developed the theory of what in 1776?
Absolute Advantage - an economic theory that holds when a nation can produce a certain type of good more efficiently than others countries, it will trade with countries that produce other goods more efficiently.
What is the different between short run long run?
short run is a period which is not enough to change or alter the quantities of all of the factors of production. therefore, some factors of production are fixed in this period because you do not have enough time to change the quantities of them. so, in this period i.e., short run, some factors are fixed and others are variables. however, in long run, you have all the factors of production as variables as you have enough time to change them or replace them. for ex:- if you have two factors of production, labor and machinery. it might be difficult for you to replace machinery in short run. however, difficulty might not arise in the case of labor. so in short run you would say that labor is variable and machinery is fixed. but in long run, both of your factors are variable because you have enough time to alter their quantities. usually, in economics, we call a period of 1 year or less as short run. and a period of more than 1 year as long run. but this might not be suitable i every case. this time may vary from situation to situation.
Where can I learn more about video production services?
You can go to websites such as www.diginovations.com, www.indigoprod.com, www.accav.comm and others to find out the most about video production services.
What are the non-price determinants of supply?
This depends on the model and supply function used. Generally, the variability in supply will depend on at least a few others factors: 1) the level of technology; 2) resource constraints; 3) institutional and legal restraints on production; 4) externalities in production; 5) the nature of the good itself (is it public, private, rivalrous, non-rivalrous, etc.).
What factors influence supply others than price?
demand of the product
When factors of production perform only tasks they can do more efficiently than others?
Specialization is when factors of production perform only tasks they can do more efficiently than others. This is argued to maximize efficiency, but also increases interdependence among aspects of production.
When some factors of production can perform task more efficiently than others?
scarcity
When factors of production perform only task they can do more than other?
Specialization is when factors of production perform only tasks they can do more efficiently than others. This is argued to maximize efficiency, but also increases interdependence among aspects of production.
What important factors helped built Canada's economy?
You should define that a bit. It could be wheat production, lumber, mineral production or a number of others.
What was the Production Budget for The Others?
The Production Budget for The Others was $17,000,000.
Who builds the fastest production car?
Bugatti but there are others but its not a production car.
What are the factors affecting primary productivity of the marine environment?
Available nutrients are usually limiting factors. This includes the usual elements like Nitrogen and Phosphorous to name a few; there are many others nutrients required as well.There are other abiotic (maybe less obvious) factors that affect primary production in marine environments:-turbulence and critical depth-light-biosphere production-pollution (note: this is not typically considered to have a large influence, though I still find it worth mentioning :p)There are biotic factors that influence primary production as well, just on a small scale in the grand scheme of things.
What are the factors of eight Factors of eight?
some are animals, plants, insects and others
What must exist before a country can specialize its production?
Before a country can specialize its production, it must first have a diverse range of resources, available technologies, and a stable economy. Specialization is most effective when a country can produce goods or services more efficiently than others, leading to a comparative advantage in the global market. Additionally, a country should have the ability to trade with other nations to fully benefit from specialization.
What two digit number has more factors than others?
96 has 12 factors.
What number has exactly 5 factors?
625 has five factors.16 does, among others.
Who is required to have OSHA forklift training?
There are a variety of jobs that may require a person to have OSHA forklift training. The majority of these jobs are in construction but there are also warehouse and factory jobs that require a person to have OSHA forklift training. The training allows the work to perform the jobs efficiently and in a safe manner as to not harm themselves or others they are working with.
