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ADB: An abbreviation that stands for either the African Development Bank the Asian Development Bank. The African Development Bank is a regional multilateral development institution engaged in promoting the economic development and social progress of its member countries in Africa. The Bank, established in 1964, started functioning in 1966 with its Headquarters in Abidjan, Cote d' lvoire. The Bank borrows funds from the international money and capital markets. Its shareholders are the 53 countries in Africa as well as 24 countries in the Americas, Europe, and Asia. The Asian Development Bank is a multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific that engages in mostly public sector lending for development purposes in its developing member countries. They pursue this goal by helping to improve the quality of people's lives providing loans and technical assistance for a broad range of development activities. ADB raises fund through bond issues on the world's capital markets but they also rely on members' contributions. The ADB was established in 1966 and has its headquarters in Manila, Philippines. As of September of 2003, the ADB had 58 member countries.
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                           PRODUCTION TECHNOLOGY, SUPPLY DETERMINANT: The knowledge and information that suppliers have about production (that is, production techniques or the way inputs are combined to produce outputs) which are assumed constant when a supply curve is constructed. Production technology is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, other prices, sellers' expectations, and number of sellers. The information available concerning production techniques affects the ability to supply a good. Technology is what producers know about the ways to combine inputs into the production of outputs. An advance in technology makes it possible to sell more of a good. A decline in technology means producers can sell less of a good. Doing More with LessProduction technology affects the manner in which resource inputs are combined to produce outputs. An advance in technology means that a given amount of resources can be used to produce more goods, or that the same amount of production can be obtained with fewer resources.While a decline in technology is theoretically possible, advances are more prevalent and a great deal more likely. A decline in technology means that a given amount of resources can be used to produce fewer goods, or that the same amount of production can be obtained with more resources. Consider the production and supply of Wacky Willy Stuffed Amigos to illustrate an advance in technology. When William J. Wackowski founded of The Wacky Willy Company, he did so with limited technology. His sewing machines were manually operated. Workers cut patterns with simple scissors. The button eyes were attached to each stuffed creature with a needle and thread. The Stuffed Amigos were stuffed by hand. Using this limited technology, each Wacky Willy worker was able to fabricate five Stuffed Amigos per day. The Wacky Willy Company now uses more advanced production technology. The entire process is automated and computerized, from pattern cutting to sewing to stuffing. This advanced technology allows each Wacky Willy worker to produce five hundred Stuffed Amigos per day. An increase in production technology has made it possible for each Wacky Willy worker to produce more output. As a general rule, technological advances make it possible to produce more output with fewer inputs and with a reduction in production cost. Shifting the Supply Curve| Production Technology |  |
A change in production technology causes the supply curve to shift. This can be illustrated using the positively-sloped supply curve for Wacky Willy Stuffed Amigos presented in this exhibit. This supply curve captures the specific one-to-one, law of supply relation between supply price and quantity supplied. Production technology is assumed to remain constant with the construction of this supply curve.Now, consider how changes in production technology shift the supply curve. - An Advance in Technology: An advance in production technology causes an increase in supply and a rightward shift of the supply curve. With the greater technology, sellers are able to sell more Stuffed Amigos. Click the [Advance] button to demonstrate.
- A Decline in Technology: A decline in production technology causes a decrease in supply and a leftward shift of the supply curve. With the less technology, sellers are able to sell fewer Stuffed Amigos. Click the [Decline] button to demonstrate.
Recommended Citation:PRODUCTION TECHNOLOGY, SUPPLY DETERMINANT, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: May 31, 2023].
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Always dream and shoot higher than you know how to. Don't bother just to be better than your contemporaries or predecessors. Try to be better than yourself." -- William Faulkner, writer
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ARIMA
Autoregressive Integrated Moving Average
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