Term
| production possibility table |
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Definition
| lists a choice’s opportunity cost by summarizing what alternative outputs you can achieve with your inputs |
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Term
| production possibility curve (PPC) |
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Definition
| is a curve measuring the maximum combination of outputs that can be obtained from a given number of inputs |
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Term
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Definition
* There is a limit to what you can achieve, given existing institutions, resources, and technology
* Every choice you make has an opportunity cost |
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Term
| increasing marginal opportunity cost states :- |
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Definition
| that opportunity costs increase the more you concentrate on the activity |
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Term
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Definition
| is achieving as much output as possible from a given amount of inputs or resources |
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Term
| A country has comparative advantage if |
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Definition
| it can produce certain product with lower opportunity cost |
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Term
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Definition
| the relocation of production once done in the United States to foreign countries |
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Term
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Definition
| is the increasing integration of economies, cultures, and institutions across the world |
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Term
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Definition
| The wages of equal workers in one country will not differ significantly from the wages of workers in another institutionally similar country |
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