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What does a production possibilities curve show?

In business analysis, the production possibility frontier (PPF) is a curve illustrating the varying amounts of two products that can be produced when both depend on the same finite resources. The PPF demonstrates that the production of one commodity may increase only if the production of the other commodity decreases.

What does a production possibilities curve show quizlet?

The PPF curve shows the specified production level of one commodity that results given the production level of the other. It assumes the maximum possible efficient use of the resources for a maximum possible production of both commodities.

What is shown on each axis of a production possibilities curve?

Two axes: each axis represents a good that a country produces, such as capital goods and consumer goods.

What is the most important factors of production?

Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market.

What is mode of production according to Karl Marx?

MODE OF PRODUCTION (Marx) : Everything that goes into the production of the necessities of life, including the “productive forces” (labor, instruments, and raw material) and the “relations of production” (the social structures that regulate the relation between humans in the production of goods.

What are two examples of relations of production?

Marx and Engels typically use the term to refer to the socioeconomic relationships characteristic of a specific epoch; for example: a capitalist’s exclusive relationship to a capital good, and a wage worker’s consequent relation to the capitalist; a feudal lord’s relationship to a fief, and the serf’s consequent …

What are the 3 means of production?

Quick Reference. The elements needed to produce goods and services: land, labour, and capital. Any production process depends upon a particular material configuration of the means of production (Hudson (2008) J.

What is the first mode of production?

Tribal and neolithic modes of production Marx and Engels often referred to the “first” mode of production as primitive communism. In classical Marxism, the two earliest modes of production were those of the tribal band or horde, and of the neolithic kinship group.

What are the different modes of production?

The five modes of production refers to the theory in which human history is divided into the five progressive stages of primitive society, slave society, feudal society, capitalist society, and socialist society.

What is production give example?

Production is the process of making, harvesting or creating something or the amount of something that was made or harvested. An example of production is the creation of furniture. An example of production is harvesting corn to eat. An example of production is the amount of corn produced. noun.

Is Productionist a word?

noun. A person involved in production, a producer. Also: a believer in or advocator of productionism. Sometimes with modifying word, as “co-operative productionist”, etc.

What is another name for production?

What is another word for production?

construction making
manufacture manufacturing
producing assembly
fabrication rendering
creation building

What are synonyms for production?

Synonyms of production

  • affair,
  • fruit,
  • handiwork,
  • labor,
  • output,
  • produce,
  • product,
  • thing,

What is a synonym for factors of production?

Synonyms for Factors of production n. capital equipment. capital goods. consumption equipment. energy.

What is another name for a factory worker?

other words for factory worker

  • common laborer.
  • employee.
  • hand.
  • industrial worker.
  • laborer.
  • lunch-bucket worker.
  • member of the working class.
  • nonoffice worker.

What’s a factory worker?

Factory workers operate machinery to manufacture different products, which can vary depending on the industry. This job takes place in an industrial environment and is often shift-based, meaning workers can take on full or part-time roles depending on their needs.

What is the job title for assembly line worker?

Assembly line workers, also known as team assemblers, work together in a line completing individual tasks in sequence to construct parts and products for consumer, commercial, military, medical and other purposes.