Technology increases production per unit of input (either labor or capital). Any increase in technology necessarily increases output per unit of input.
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.
machinery could be used to mass produce products
The Law of Increasing Opportunity Cost that is shown in a Production Possibilities Curve is concave to the origin. This is because it shows the maximum gain of two products used in production.
International strategies may be focused on a limited number of countries or regions. Global strategy would include - as possibilities - all areas for procurement, production, and sales.
There are many factors that affect labor supply. In most cases, this will be determined by the wage rate of the particular industry and the production level expected among other factors.
It shifts to the rightIt will have an affect only if the resource increases as well. Technology increases production per unit of input. Any technology involved necessary increases output per unit of input.
shift outward
It depends on available resources and technology
It depends on available resources and technology
shift outward
additional resources or new technology become available
shift outward
new technology, new labor sources, new resources
Production possibilities is the extent of production in businesses. Production possibilities can change if resources increase within a business. Increasing labor can also change production possibilities.
below or to the left of the production possibilities frontier
production possibilities frontier
a production possibilities frontier graph