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In microeconomics, a production–possibility frontier (PPF), production possibility curve (PPC), or production possibility boundary (PPB) is a graphical representation showing all the possible options of output for two that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time.
Fixed are one time investments like machines, tools and working consists of liquid cash or money in hand and raw material. The classical economists also employed the word "capital" in reference to money. Money, however, was not considered to be a factor of production in the sense of capital stock since it is not used to directly produce any ...
Say further argued that because production necessarily creates demand, a "general glut" of unsold goods of all kinds is impossible. If there is an excess supply of one good, there must be a shortage of another: "The superabundance of goods of one description arises from the deficiency of goods of another description." [11]
In other words, more production of a desired commodity can be made possible only by reducing the quantity of resources used in the production of other goods. The problem of allocation deals with the question of whether to produce capital goods or consumer goods. If the community decides to produce capital goods, resources must be withdrawn from ...
One viewpoint on this question is that cause and effect are of one and the same kind of entity, causality being an asymmetric relation between them. That is to say, it would make good sense grammatically to say either " A is the cause and B the effect" or " B is the cause and A the effect", though only one of those two can be actually true.
A producing company can be divided into sub-processes in different ways; yet, the following five are identified as main processes, each with a logic, objectives, theory and key figures of its own. It is important to examine each of them individually, yet, as a part of the whole, in order to be able to measure and understand them.
Aristotle distinguished between intrinsic and extrinsic causes. Matter and form are intrinsic causes because they deal directly with the object, whereas efficient and finality causes are said to be extrinsic because they are external. [8] Thomas Aquinas demonstrated that only those four types of causes can exist and no others. He also ...
Following mechanization in the textile industry was mechanization of the shoe industry. [55] The sewing machine, invented and improved during the early 19th century and produced in large numbers by the 1870s, increased productivity by more than 500%. [56] The sewing machine was an important productivity tool for mechanized shoe production.