How does a production possibility Chart assistant?
How does a production possibility chart assist in outlining opportunity cost? It compares profit potential of one product to another. It compares production cost of one product to another. It compares production numbers of one product to another.
How does a production possibility Chart assistant in outlining opportunity cost?
How does a production possibility chart assist in outlining opportunity cost? It compares production numbers of one product to another. Wanting to expand into selling potted plants, they create a production possibility chart to asses whether the potted plants are a good idea.
What is a graphical representation of the combination of goods and services that can be produced in a situation production supply curve?
A production possibilities curve is a graphical representation of the alternative combinations of goods and services an economy can produce. It illustrates the production possibilities model.
How many potted plant should they be able to produce on Day 3?
Answer: 50. Explanation: The production possibility chart compares production numbers of different products in order to outline opportunity costs.
Which is Ricardo’s opportunity cost?
A country is said to have a comparative advantage in the production of a good (say, cloth) if it can produce it at a lower opportunity cost than another country. The opportunity cost of cloth production is defined as the amount of wine that must be given up in order to produce one more unit of cloth.
What are the pros of a mixed market economy for most citizens?
Benefits of a Mixed Economic System
- Efficient allocation of resources. Resources are allocated efficiently to where they are needed the most in the private sector.
- Incentives for innovation and production efficiency.
- Government support.
- Lack of government support.
- Undue influence from private enterprises.
What is one possible effect of high unemployment in a mixed market economy?
What is one possible effect of high unemployment in a mixed market economy? A lack of income will weaken the buying power for many people.
How can the government reduce the wealth gap in mixed market economy?
How can the government reduce the wealth gap in a mixed market economy? The government can control income levels by placing limits on how much citizens can earn. The government can eliminate minimum wages for workers to account for economic differences.
What restriction would the government impose in a closed economy the government would prohibit trade with other nations the government would set the prices for imported goods the government?
A quota is a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period. Countries use quotas in international trade to help regulate the volume of trade between them and other countries.
Which consideration must be addressed when deciding for whom to produce?
When deciding for whom to produce, the consideration that must be addressed is WHO NEED THE PRODUCT THAT IS TO BE PRODUCED.