--%>

Economic sense production methods

Evaluate and explain the statements: “In the economic sense production methods are the most efficient methods, once resource prices are considered and are lesser in sense of engineering”.

E

Expert

Verified

In terms of the scarce resources there is some valuable engineering technology which might be too costly that they would occupy. Education can be provided more efficiently by using more labor-intensive methods, i.e., with the teacher at the chalkboard and the student using pencil and paper.  In another example, using a shovel to scoop snow may be inferior to a snow blower in the engineering sense, but it may be a more efficient use of resources for the middle- or low-income family who has to decide between buying groceries and using better technology to clean its driveway and sidewalk.

   Related Questions in Business Economics

  • Q : Allocating resources and distribute

    The market system tends to mainly beneficial allocating resources and distributes goods while: (1) the distributions of wealth and resource ownership are extensively perceived as equitable. (2) markets are extremely competitive. (3) goods are rival an

  • Q : What are the determinants of demand

    What are the determinants of demand?

  • Q : Historical process by Adam Smith of

    Writings on the historical process by Adam Smith of economic development do not comprise heavy reliance upon: (1) the development of property rights. (2) self interest. (3) divisions of labor in production processes. (4) innovations d

  • Q : Growth is a significant economic goal.

    Growth is a significant economic goal. Explain?

  • Q : Marginal rate of substitution Problem:

    Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21

  • Q : Introduction of the term capital

    Give brief introduction of the term capital structure? And also write down its principles?

  • Q : Advantage in production of two products

    Explain by giving example of an absolute advantage in production of two products?

  • Q : Reducing output of other good When the

    When the production possibilities frontier in a proficient economy is not growing, raising the output of one good always needs: (i) Increasing the output price for the other good. (ii) Bigger amounts of resources. (iii) Decreasing the output of other

  • Q : What does financial leverage specify

    What does financial leverage specify? And also states its limitations?

  • Q : Define the for whom query in market

    The market system responses the “for whom?” query with: (i) distributing goods on the basis of require. (ii) using central planning to coordinate production decisions. (iii) catering to consumers with adequate resources to demand goods. (i