ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
the method of production a firm employs
|
|
|
the specific combination of labour, physical capital, and technology that makes up a particular method of production
|
|
|
a falling LRAC
|
|
|
the automated output of a firm
|
Detailed explanation-1: -A production technology is the specific combination of labor, physical capital, and technology that makes up a particular method of production. In the long run, firms can choose their production technology, so all costs become variable costs.
Detailed explanation-2: -The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.
Detailed explanation-3: -The four factors of production are land, labor, capital and entrepreneurship. Download the image. In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy.
Detailed explanation-4: -Many economists also identify a fourth factor of production: technology. Technology refers not just to robots and computers but to the entire body of knowledge or science that informs or improves a production process. And finally, some economists also include entrepreneurship as a factor of production.
Detailed explanation-5: -Land as a factor of production. As a factor of production, land can take on various forms-from raw property to commercial real estate. Labor as a factor of production. Capital as a factor of production. Entrepreneurship as a factor of production. 15-Feb-2021