Technology increases production per unit of input (either labor or capital). Any increase in technology necessarily increases output per unit of input.
In low technology job production,items can be altered for the specific customer providing a genuine market.
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Standard Components are pre-manufactured parts bought in by individuals or commercial manufacturers, usually as part of a batch production or mass production system.
Group Technology is manufacturing philosophy which similar parts are identified and group together to take advantage of their similarities in design and production. But, Cellular Manufacturing is organizing the production equipment into machine cells, where each cell specializes in the production of a part family. On the other word, cellular manufacturing is an application of GT in which dissimilar machines or processes have been aggregated into cells, each of which dedicated to the production of a part, product family, or limited group of families. According to the GROOVER book "automation and production systems, and computer-integrated manufacturing"
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Technology increases production per unit of input (either labor or capital). Any increase in technology necessarily increases output per unit of input.
Nova Net Answer: New technology made production efficient.
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.
technology greatly affect FOP, the main factor is that it reduces the need of the Labor an important FOP. also it contribute alot towards the capital ie made made resources
People and companies can use technology to reduce production of waste and reduce the use of resources by dumping the waste and crushing it up.
In most economic theory, the basic production function (or GDP) is represented by a Cobb-Douglas function (Y = KaALB). Where: Y = GDP K = the capital stock L = labour supply A = level of technology a and B = proportion of capital and labour usage in production Following this basic formula, anything that does not affect the level of capital production, labour supply, or technology would not affect production.
Society depends on oil production, so science can be useful when it comes to developing an oil based technology. Planning ahead can help scientists discover and alleviate problems with oil production,
Communication Technology Production Technology Transportation Technology Bio Technology
Society depends on oil production, so science can be useful when it comes to developing an oil based technology. Planning ahead can help scientists discover and alleviate problems with oil production,
by getting electrucuted while they work and losing almost all the power they have to give it to the capit
New technology made production efficient It also brought conflicts like competiton with other nations which lead to Imperialism.
what is an example of lower production costs brought about by technology