When Resources Are Scarce,conflict Is Less Likely

question 99

True/False

When resources are scarce,conflict is less likely.

Explain the role of technology and economic growth in shifting the PPF.

Describe the relationship between specialization, division of labor, and the PPF.

Analyze how changes in resource allocation affect production outcomes on the PPF.

Understand the concept of the production possibilities frontier (PPF) and its implications for economic efficiency and potential growth.

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Definitions:

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity levels of the business.

Unfavorable Variance

A financial term describing a situation where actual costs exceed budgeted or planned costs.

Standard Cost

A predetermined cost of manufacturing a product or providing a service, used as a benchmark to measure performance and efficiency.

Volume Variance

The difference between the planned volume of production or sales and the actual volume, which can affect costs and revenue.