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Earn +20 ptsQ: What is the production of new individual?
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How can you reach beyond the production possibility frontier?
With the introduction of new technology and new resources will shift the production possibility frontier.
What is a level of production in which the marginal production decrease with new investment?
diminishing marginal returns
What is the benefits of scientific management theory?
Scientific Management Theory is a theory of management concerned with the physical efficiency of an individual worker. The main objective was to improve economic efficiency and labor productivity. They wanted to be fair to the workers for a days work. To explain how the individual's motivation works strictly as a function of economic reward. :)
What are some true statements about the industrial revolution and capitalism?
(Nova-Net) New technology made production much more efficient.
With what indicators is microeconomics concerned?
Microeconomics looks at the individual components of the economy, such as costs of production, maximizing profits, and the different market structures
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