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How can the use of new technology in industry benefit workers?

How can the use of new technology in industry benefit workers? Workers can react to economic change quickly. Workers can identify economic emergencies. Workers can gain new knowledge and skills.

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How would a manufacturer benefit by using fewer scarce resources?

The product would be less expensive to produce.

Which is one way that technology can improve the production of goods?

What is one way that technology can improve the production of goods? Websites can allow consumers to purchase goods online. Container ships can transport a number of goods at once. Automation can create goods more cheaply and easily.

What is the best definition of automation technology and economics?

What is the best definition of automation? The use of robotic equipment in a manufacturing process. The application of scientific knowledge to find answers and fix problems. The use of resources to manufacture goods more efficiently. the hiring of workers from all over the world to manufacture goods.

What is one way economics can influence your daily life?

Economics affects our daily lives in both obvious and subtle ways. From an individual perspective, economics frames many choices we have to make about work, leisure, consumption and how much to save. Our lives are also influenced by macro-economic trends, such as inflation, interest rates and economic growth.

How can the use of new technology and industry benefit workers quizlet?

How can the use of new technology in industry benefit workers? Workers can gain new knowledge and skills.

Which of the following are examples of limited resources on the part of consumers?

Time and money are examples of limited resources on the part of consumers.

Which of the following will be accomplished by efficient allocations of the factors of production quizlet?

Terms in this set (13) Which of the following will be accomplished by efficient allocations of the factors of production? distributing goods and services.

Which object is likely to have the most valuable based on the concept of scarcity?

Answer. Silver Necklace becomes the main object to have the most value based concepts of the scarcity in a fine manner. It is available at low price than the Gold and platinum.

What is the best definition of technology?

What is technology? Technology is the application of scientific knowledge to the practical aims of human life or, as it is sometimes phrased, to the change and manipulation of the human environment.

Which statements describe effects of changes in information technology?

Statement 3, 4 and 5 are describe effects of changes in information technology. Explanation: Changes in information technology create both positive and negative effect.

Which activity would a consumer most likely perform?

Which activity would a consumer most likely perform? sufficient products to meet consumer wants.

What are the pros of a mixed market economy for most citizens check all that apply quizlet?

What are the pros of a mixed market economy for most citizens? There is a great deal of independence and personal choice. The government cannot dictate which jobs citizens hold. There may be greater opportunity to become wealthy.

How can the government reduce the wealth gap in a mixed market economy?

How can the government reduce the wealth gap in a mixed market economy? The government can control income levels by placing limits on how much citizens can earn. The government can eliminate minimum wages for workers to account for economic differences.

What is one way a market economy affects?

What is one way a market economy affects the lives of private citizens? Citizens can change jobs relatively easily. Which statement best describes a command economy? The government determines economic choices and makes most decisions.

What forces business industries and governments to make decisions?

What forces businesses, industries, and governments to make decisions? consequences.

How are individuals and economies similar?

Based on the lesson, how are individuals and economies similar? They both must decide how to allocate resources. They both must carefully categorize available resources. They both must recognize the issues with nonrenewable resources.

How would a manufacturer benefit?

How would a manufacturer benefit by using fewer scarce resources? The product would be less expensive to produce. The product would better satisfy consumer needs.

What determines the value of an item?

Answer and Explanation: The correct answer is d. the resources consumed in production. The value of an item is often depicted by its price in the market.

Which of the following is a good example of limited resources?

The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply.

What might happen if an economy is unable to produce wanted goods and services quizlet?

What might happen if an economy is unable to produce wanted goods and services? People will look elsewhere for them. In the lesson, you learned about Dave and his bakery.

Which of the following has the largest impact on opportunity cost?

The correct option is c) limited resources

Because in case of limited resources, the corporation needs to look after other opportunity costs.

What statement best describes why economies must make these decisions?

What statement best describes why economies must make these decisions? Economies must make these decisions because resources are unlimited, but production must be limited.

What are the benefits of using technology?

  • Provides A More Engaged Learning Environment. …
  • Prepares Students for the Future. …
  • Connects Better with Students. …
  • Boosts Collaboration. …
  • Supports Learning. …
  • Gamified Learning. …
  • Virtual Field Trips.

Why is new technology important?

The development of new technologies helps to save lives; it improves work and makes the world better. In reality, technology has played a very important role in how we live in the world today and how we communicate in the atmosphere with everything around us. Impact of technology is higher than that we expected.

What are the benefits of technology?

  • easier, faster and more effective communication.
  • better, more efficient manufacturing techniques.
  • less wastage.
  • more efficient stock management and ordering systems.
  • the ability to develop new, innovative approaches.
  • more effective marketing and promotion.
  • new sales avenues.

What is the best definition of technology technology is replacing human workers with?

What is the best definition of technology? Technology is replacing human workers with mechanical or electronic devices. Technology is applying scientific knowledge to find answers and fix problems. Technology is using fewer resources to manufacture goods more efficiently.

What members of society benefit from a mixed economy?

Which members of society benefit from mixed economy? The most vulnerable members of society benefit from a mixed economy because they are offered some social safety net.

How can the government reduce the wealth?

  1. Expand the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC). …
  2. Shift taxes toward capital and away from labor to encourage hiring workers. …
  3. Create a wealth tax. …
  4. Keep the estate tax. …
  5. Impose a value-added tax (VAT). …
  6. Create automatic tax cuts and unemployment benefits.

How does it affect various economic activities in a mixed economy?

A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.

Which of the following are benefits of information technology?

timely and efficient delivery of products and services. higher sales through better understanding of customer behaviors. cost savings from fewer staff hours and reduced human or machine error. better resource planning through detailed, accurate, and timely financial information.

What is the best definition of technology technology is replacing human workers with mechanical or electronic devices?

Technology is replacing human workers with mechanical or electronic devices. b. Technology is applying scientific knowledge to find answers and fix problems. c.

How would a manufacturer benefit by using fewer scarce resources?

The product would be less expensive to produce.

What best describes the role of a consumer?

Answer. Explanation: People who buy goods are called consumers and usually manufacturers and suppliers make,provide and supply the products.

Who are workers employed by in a communist command economy?

In a communist command economy, workers are employed by producers, consumers, the State aandolan the agencies. A command economy is under control of Government, where Government decides that what goods will be produce, how much goods will produce and also what should be the price of those products.

What are the pros of a mixed market economy for most?

In a mixed economic system, free markets co-exist with government intervention, and private enterprises co-exist with public enterprises. The advantages of a mixed economy include efficient production and allocation of resources, as well as improvement of social welfare.

How do consumers feelings about the economy help contribute to growth quizlet?

How do consumers’ feelings about the economy help contribute to growth? Positive consumer attitudes influence spending habits. Positive consumer attitudes increase job prospects. Positive consumer attitudes inspire increased production.

Why do you think most modern economies are a mix of command and market economies?

Most modern countries’ economies are a mix of command and market types because there needs to be regulation and a way to maintain standards as well as freedom for creative invention.

What are some of the ways that people benefit from an economy that moves away from a command economy and more toward a socialist or market economy?

What are some of the ways that people benefit from an economy that moves away from a command economy and more toward a socialist or market economy? People benefit from the introduction of private property rights which provides them incentives to work as they can keep the fruits of their hard work for themselves.

What are the benefits to the economy from an efficient market?

A market economy promotes free competition among market participants. Notable benefits of a market economy are increased efficiency, production, and innovation.

What are some of the benefits you enjoy because of the free market system?

Answer. Benefit: One benefit is that the producers get to decide on their own what to produce. They get to use their own ideas without the government interfering. This not only produces better products, but also creates an environment for competition among businesses.

What is one way economics can influence your daily life?

Economics affects our daily lives in both obvious and subtle ways. From an individual perspective, economics frames many choices we have to make about work, leisure, consumption and how much to save. Our lives are also influenced by macro-economic trends, such as inflation, interest rates and economic growth.

Which of the following is an example of a labor resource?

Answer. An example of a labour resource is a city’s population. The population of a city is the indicator of how much labour resource that city has.

How would a manufacturer benefit?

How would a manufacturer benefit by using fewer scarce resources? The product would be less expensive to produce. The product would better satisfy consumer needs.

What helps businesses allocate resources for their best and most productive uses?

Profit helps businesses allocate resources for their best and most productive uses. The more scarce a resource, the more costly it will be. A manufacturer that requires scarce and costly resources is likely to charge more for its products.

Which object is likely to have the most valuable based on the concept of scarcity?

Answer. Silver Necklace becomes the main object to have the most value based concepts of the scarcity in a fine manner. It is available at low price than the Gold and platinum.

Which resource is renewable quizlet?

Solar, wind, water, geothermal and biomass are renewable energy resources. They can become nonrenewable if polluted or overused. Energy use in U.S.

How do we get goods and services that satisfy our needs?

You purchase and use services to satisfy your wants and needs, but unlike goods, businesses must provide services to you at the time you want to consume them. Goods and services are purchased by businesses as well as by individual consumers. Some goods and services are unique for business or consumer use.

How do you satisfy your unlimited wants in a world of limited resources?

Answer and Explanation: The economy exists to make choices of how to allocate scarce resources in a world of unlimited wants. Decisions must be made because resources going to one area deprive another of using them. Economists tend to argue markets are the best way to make these decisions.

What are the ways to control or limit the use of these free resources?

  • Save Energy. The majority of our energy is produced by burning fossil fuels. …
  • Conserve Water. One cannot emphasize enough on the importance of water. …
  • Reuse and Recycle. Always remember to reduce, reuse and recycle your old products or materials.

What might happen if an economy is unable to produce wanna goods and services?

What might happen if an economy is unable to produce wanted goods and services? People will look elsewhere for them. In the lesson, you learned about Dave and his bakery.

What might happen if an economy is unable to produce wanted goods and services what might happen if an economy is unable to produce wanted goods and services?

If an economy is unable to produce wanted goods and services, then the people will look elsewhere for them. If a demand is not fulfilled by the current economy, the customers will go where their demand is fulfilled. Therefore, an economy must fulfill the demand of the customers and produce wanted goods and services.

What is one purpose of studying economics to understand the reasons why people purchase certain goods?

One of the purposes of studying economics is to understand the: reasons people purchase certain goods. reasons some resources become scarce. principles that explain why produces buy goods and services.

What affects economic value?

Economic values are also affected by the changes in price or quality of substitute goods or complementary goods . If the price of a substitute good changes, the economic value for the good in question will change in the same direction.

How do I value my collectibles?

  1. Auction selling prices.
  2. Online price guides.
  3. Written price guides.
  4. Appraisal services on and off line.
  5. Local antique and collectible dealers.

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