A curve which depicts two topmost output possibilities with inputs that are consistent of resources is defined as a production possibility frontier. Assumptions are made in production possibility frontiers that the inputs are being utilized effectively. The availability of resources is governed by the amount of labor, capital, and technological cost. Another name for the production possibility curve is the transformation curve. Production limits are shown in the production possibility frontier allowing an economy to make decisions about the best goods and services they should produce. The PPF establishes the most efficient period of production to utilized resources in the most effective manner. The PPF for both countries would be clothing and
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Labor abundance can be measured by the amount of labor or price. A project which is dependent on labor is known as a labor intensive project. In labor intensive projects manual labor an essential element of these projects. Countries that which are lacking in technology yet have considerable amounts unemployed manpower are ideal for these projects. Labor efficiency is the determining factor of success in labor intensive projects. Wages are given at higher rates to those workers who have qualifying skills. The labor population of the United States is greater than that of Brazil. The United States in comparison to Brazil has a greater per capita as …show more content…
The establishment of trading can be traced back over 9,000 years ago. The roots of long distance trade date back even further coinciding with the creation of ships. The global economy is established through international trade. The modern industrial world was developed and enriched as a result of international trade. An advantage of importing goods is receiving goods of a better quality. Other advantages are good which are more readily available which have a greater appeal. Trade helps to stimulate accelerated economic growth. Production of these goods is often noted as being more efficient because of the competitiveness of the global market. Consumers in these countries are provided with greater options of products. Trade establishes long-term economic
Labor abundance can be measured by the amount of labor or price. A project which is dependent on labor is known as a labor intensive project. In labor intensive projects manual labor an essential element of these projects. Countries that which are lacking in technology yet have considerable amounts unemployed manpower are ideal for these projects. Labor efficiency is the determining factor of success in labor intensive projects. Wages are given at higher rates to those workers who have qualifying skills. The labor population of the United States is greater than that of Brazil. The United States in comparison to Brazil has a greater per capita as …show more content…
The establishment of trading can be traced back over 9,000 years ago. The roots of long distance trade date back even further coinciding with the creation of ships. The global economy is established through international trade. The modern industrial world was developed and enriched as a result of international trade. An advantage of importing goods is receiving goods of a better quality. Other advantages are good which are more readily available which have a greater appeal. Trade helps to stimulate accelerated economic growth. Production of these goods is often noted as being more efficient because of the competitiveness of the global market. Consumers in these countries are provided with greater options of products. Trade establishes long-term economic