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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
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Page: 26 of 28
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- 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. Your Complete Scope
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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.
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"Good judgment comes from experience, and often experience comes from bad judgment." -- Rita Mae Brown ‚ Writer
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LRMC Long Run Marginal Cost
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