Automating the Existing Production Process Comes Under the Purview of Capital

question 116

True/False

Automating the existing production process comes under the purview of capital investment analysis.

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Definitions:

Marginalism

An economic principle that deals with the additional or marginal changes in costs and benefits for a unit increase or decrease in production or consumption.

Scarce Resources

Natural or human-made assets that have limited availability, which makes the allocation of these resources a fundamental economic challenge due to competing needs and desires.

Additional Costs

Expenses that are not initially projected or expected in the budget.

Natural Science

The branch of science that deals with the physical world, including physics, chemistry, geology, and biology.