The automation of the workplace, which replaces workers with technology, is another cause of the changes in the job market.
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What is automation?</u></h3>
- A broad range of technologies that minimize human involvement in operations are referred to as automating.
- By predetermining decision criteria, subprocess linkages, and related actions — and embodying those predeterminations in computers – human intervention is decreased.
- An industrial control system with tens of thousands of input measurements and output control signals can be automated, as can a thermostat controlling a boiler in a home.
- The banking industry has also been impacted by automation. Control complexity can range from straightforward on-off control to sophisticated multivariable algorithms.
Automation is the use of a variety of tools and control systems, such as machinery, factory processes, boilers, and heat-treating ovens, as well as the activation of telephone networks and the steering and stabilization of ships, aircraft, and other applications and vehicles with a minimum of human intervention.
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Answer and Explanation:
Different things being constant, a slowdown in population growth will lead to an increase in the availability of capital per worker and output per worker.
At the steady state, output per worker will grow at the rate of g while. Thus, steady state per person output growth will be same, however total output will increase at the rate n+g.
In case of transition between steady states, during the transition phase, output per worker will grow at a rate greater than g. Overtime in the long run with a fall in population growth, total output will fall while output per worker will increase.
Fails to supervise employees, has previously been suspended by another Administrator, has been convicted of a financial crime within the past 10 years, becomes insolvent.
Answer:
The answer is: a change in the price at which a substitute good is sold
Explanation:
A shift in supply means a change in the quantity supplied at every price.
Let's assume we sell product A. If the price of a substitute product B increases, then the quantity demanded for product A will increase as the quantity demanded for product B decreases. That will cause an increase in the quantity supplied of product A, which may in turn rise the price of product A until again both products (A and B) match their prices.
Instead, a shift in the supply curve means that the quantity supplied of a product will change at every price level.
Answer:
The correct answer is: in all decision making.
Explanation:
Economic analysis is used in all walks of life, in decision making. It is not only relevant for policymaking or in business or for students. Rather, it is used in day to day life as well.
Almost all the decision we make is based on cost-benefit analysis. It used by households and individuals for utility maximization. It is used by businesses for profit maximization and is used by policy makers for welfare maximization.
