The Production Possibility Model, Trade, And Globalization From Chapter 2 Of Economics

Front 1

a table that lists a choice's opportunity cost by summarizing what alternative outputs you can achieve with your inputs

Back 1

Production Possibility Table

Front 2

a result of an activity

Back 2

Output

Front 3

what you put into to a production process to achieve an output

Back 3

Input

Front 4

a curve measuring the maximum combination of outputs that can be obtained from a given number of inputs

Back 4

Production Possibility Curve (PPC)

Front 5

In order to get more of something, one must give up ever-increasing quantities of something else

Back 5

Principle of Increasing Marginal Opportunity Cost

Front 6

the ability to be better suited to the production of one good than to the production of another good

Back 6

Comparative Advantage

Front 7

achieving as much output as possible from a given amount of input resources

Back 7

Productive Efficiency

Front 8

getting less output from inputs that, if devoted to some other activity, would produce more output

Back 8

Inefficiency

Front 9

achieving a goal using as few inputs as possible as possible

Back 9

Efficiency

Front 10

an economic policy of leaving coordination of individuals' actions to the market

Back 10

Laissez-faire

Front 11

the relocation of production once done in the United States to foreign countries

Back 11

Outsourcing

Front 12

is the increasing integration of economies, cultures, and institutions across the world.

Back 12

Globalization

Front 13

the wages of workers in one country will not differ significantly from the wages of (equal) workers in another institutionally similar country

Back 13

Law of one price