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Economics Ch.7

Efficiency of Production

TermDefinition
This is term that Economist use to explain the quality of producing effectively with a minimum of waste Efficiency
This a term that Economists use to explain the total amount invested in the production of a good Input
This is a term that Economists use to explain the total amount of a good that is produced Output
This is a term Economists use to explain the sum cost of all the factors of production used in making goods. Total cost
This a term Economists use to explain the sum cost of all the factors of production used in producing one unit of a good. Average cost
This is a term that ecomonomists use to explain a system that can turn out masses of identical products and is based on these three elements: division of labor, standardized parts and the assembly line American System of Mass Production
This is a term that economists use to explain the ability of one entity to produce goods or provide services more efficiently than his competitors when given the same resources Absolute advantage
This is a term that economists use to explain the ability of an entity to produce a good or provide a service at an opportunity cost that is lower than that of an other producer. Comparative advantage
This is a term used to describe the production of goods in which a country or region has absolute or comparative advantage. This occurs when an area realizes that is advantages to produce different goods and to exchange these products for other items Geographic specialization
This is a term economist occurs when there are no restrictions or penalties placed upon the trading of goods. Free trade
This is what economists call a tax that must be paid on imported goods before they are allowed to enter a specific area Tariff
This is a theory that domestic manufactures need government protection against foreign competitors Protectionism
This is a law that landowners pushed Parliament to pass that would restrict the import of grain which would allow the English farmers to charge high prices without fear of foreign competition Corn laws
This is a Economist who was a advocate of comparative advantage. He was the first economist to understand that unrestricted trade between two countries could be benifical to both even if one of them can provide everything better than the other David Ricardo
Created by: Leslie Spark
 

 



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