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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 does each point on a possibilities curve chart show?
Each point on a possibilities curve chart, also known as a production possibility frontier (PPF), represents a different combination of two goods or services that an economy can produce using its available resources and technology. Points on the curve indicate efficient production levels, where resources are fully utilized. Points inside the curve suggest underutilization of resources, while points outside the curve are unattainable given current resources and technology. The shape of the curve typically illustrates the opportunity cost of reallocating resources between the two goods.
How is technology used in production?
machinery could be used to mass produce products
Law of increasing opportunity costs reflected in a PPC is concave to the origin?
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.
What is the difference between global strategy and international strategy?
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.
What effects does increased technology have on the production possibilities curve?
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.
An increase in technology will cause the production possibilities curve to?
shift outward
What does a country production possibilities depend on?
It depends on available resources and technology
What does a countries production possibilities curves depend on?
It depends on available resources and technology
How does the production possibilities frontier move?
additional resources or new technology become available
Increases in resources or improvements in technology will cause the production possibilities frontier to?
shift outward
Increases in resources or improvements in technology will tend to cause a society's production-possibilities curve to?
shift outward
What Cause a production possibilities to move to the right?
new technology, new labor sources, new resources
What is the concept of the production possibilities?
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.
How does technology increase production possibilities?
Technology increases production possibilities by enhancing efficiency and productivity in manufacturing processes, allowing for more output with the same input. Innovations can streamline operations, reduce waste, and improve quality, which leads to better resource utilization. Additionally, advancements in technology can create new products and markets, further expanding the overall capacity of an economy to produce goods and services. As a result, the production possibilities frontier shifts outward, indicating a greater potential for economic growth.
Where would a point of underutilization appear on a product possibilities graph?
below or to the left of the production possibilities frontier
A point outside the production possibilities curve represents a combination of goods that is?
A point outside the production possibilities curve represents a combination of goods that is unattainable with the current resources and technology available. It indicates a level of production that exceeds the economy's capacity. In practical terms, achieving such a point would require improvements in efficiency, advances in technology, or an increase in resource availability.
