Increase in resources

Definition

An increase in resources refers to the addition of more factors of production, such as labor, capital, and natural resources, available for the production of goods and services. This can include hiring more workers, acquiring more machinery or equipment, or discovering new sources of raw materials.

Related terms

Productivity: The measure of how efficiently inputs (resources) are used to produce outputs (goods and services). Higher productivity means producing more output with the same amount of resources.

Technological advancements: Innovations or improvements in technology that allow for better use of existing resources or create new ways to produce goods and services.

Economies of scale: The cost advantages that occur when a firm increases its scale of production. It allows firms to reduce their average costs per unit by producing larger quantities.