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| value of final goods and services produced in a given period of time |
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| application of science to commerce and industry |
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| business spending for facilities and equipment |
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| creation of goods and services |
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| reduced unit costs achieved in large facotires |
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| a measure of the quantity of goods and services available |
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| highways, airports, and othe facilities |
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| point reached at which additional inputs result in lower additional output |
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| large tasks are broken down into a series of small ones |
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Term
| a nations standard of living will rise if |
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Definition
| real GDP per capita increases |
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| productivity increases when all of a nations resources are fully employed |
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| a measure of how efficiently resources are used in producing goods goods and services |
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| a nations productivity is directly affects by |
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| labor to the economist is |
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Definition
| the physical and mental effort needed to produce goods or services |
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Term
| one of the shortcomings of real GDP for measuring economic growth is that |
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Definition
| it does not include the value of goods produced but not sold |
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Term
| economies of scale are achieved by |
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Definition
| capital investments to increase plant size and reduce costs per unit |
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Term
| which of the following is most likely to increase productivity in a plant working at or near capacity? |
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Definition
| the use of more and better machinery |
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| overhead costs per unit fall |
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Term
| strategies for increasing productivity and quality in the United States include |
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Definition
| increasing training in the workplace |
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Term
| what is the best way to increase the total output of goods and services produced in the united states? |
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