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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).

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Lesson 16: Perfect Competition | Unit 5: Evaluation Page: 26 of 28

Topic: The Bad <=PAGE BACK | PAGE NEXT=>

  • Unfortunately all is NOT perfect with perfect competition, it has three key failures.

    • First, perfect competition provides no incentive to innovate, grow, and expand.

    • Second, perfect competition provides no incentive nor way to achieve differences.

    • Third, perfect competition is an idealized market structure designed to highlight the extreme possibility of perfect efficiency.

  • In spite of these imperfections perfect competition provides an invaluable tool in the study of markets, market structures, and efficiency.


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FACTORS OF PRODUCTION

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.

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WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?

The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

LRMC
Long Run Marginal Cost
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