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LOCAL OUTPUT: An output that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate consumers near the output rather than trying to bring the output to the consumers. Like many things, local outputs are a matter of degree. At the other end of the spectrum lies transferrable outputs. Services, such as legal advice, health care, and entertainment, that are consumed as they are produced, tend to have a great deal of local orientation.

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Lesson 22: Factor Supply | Unit 2: Resources Page: 12 of 25

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

In this unit, you should have learned about:
  • Similarities and differences among the four resource categories -- labor, capital, land, and entrepreneurship.
  • How the satisfaction generated by working leads to compensating wages and a backward-bending supply curve.
  • The interaction between financial markets, financial and physical capital, and the internal use of capital services.
  • That the factor supply of land depends the productive service provide -- space or materials.
  • The relation between entrepreneurship and risk and the importance of an entrepreneur's risk preference.


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COMPARATIVE ADVANTAGE

The ability to produce one good at a relatively lower opportunity cost than other goods, especially compared to production in another country. Every person or country has a comparative advantage in production of at least one good or service, even with relatively limited production technology. A related, but contrasting concept is absolute advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. "

-- George Allen, U.S. senator

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