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OPPORTUNITY COST, PRODUCTION POSSIBILITIES: The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.

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Lesson 14: Production | Unit 5: Supply Page: 25 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • A review of the principles of short-run and long-run production that are encountered by a wide assortment of firms.
  • A preview of how the principles of production affect production cost, price, the law of supply, and industry competition.


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TRADE BARRIERS

Policies enacted by the government sector of a domestic economy to discourage imports from the foreign sector. The three most common trade barriers are tariffs, import quotas, and non-tariff barriers. Trade barriers are designed to discourage imports which not only creates or increases a country's balance of trade surplus and thus increase net exports, but also to protect the domestic economy.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for telephone calls from former employers.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"Always make a total effort, even when the odds are against you."

-- Arnold Palmer

MRP
Marginal Revenue Product
A PEDestrian's Guide
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