What is a factor of production? DefinitionFactors of production are the limited resources needed to create goods and services, including land, labor, capital, and entrepreneurial skills.In business terminology, this phrase also describes a resource that is used to create a product or service.Factors of production are divided into:- labor resources, or labor;- investment resources, or capital;-...
How are 3D printers used in industrial research and development? Industrial 3D Printer Buying Guide
In this article, you will learn how 3D printers are used in different industries and what you should look for when choosing equipment for each industry.
The use of 3D printers for industrial research and development has made it...
Key Points
The Production Possibilities Frontier (PPF) is a graph that shows all the different combinations of output of two goods that can be produced using available resources and technology. The PPF captures the concepts of scarcity, choice, and tradeoffs.
The shape of the PPF depends on whether there are increasing, decreasing, or constant costs.
Points that lie on the PPF...
Key Points
The Production Possibilities Frontier (PPF) is a graph that shows all the different combinations of output of two goods that can be produced using available resources and technology. The PPF captures the concepts of scarcity, choice, and tradeoffs.
The shape of the PPF depends on whether there are increasing, decreasing, or constant costs.
Points that lie on the PPF...
Key Points
The Production Possibilities Frontier (PPF) is a graph that shows all the different combinations of output of two goods that can be produced using available resources and technology. The PPF captures the concepts of scarcity, choice, and tradeoffs.
The shape of the PPF depends on whether there are increasing, decreasing, or constant costs.
Points that lie on the PPF...