Ch 7 Flashcards
1
Q
The quality of producing effectively with a minimum of waste
A
Efficiency
2
Q
The total amount invested in the production of a good
A
Input
3
Q
The total amount of a good that is produced
A
Output
4
Q
The sum cost of all the factors of production used in making goods
A
Total cost
5
Q
The sum cost of all the factors of production used in producing one unit of a good
A
Average cost
6
Q
The production of goods in which a country or region has absolute or comparative advantage
A
Geographic specialization
7
Q
The theory that domestic manufactures need government protection against foreign competitors
A
Protectionism
8
Q
Whenever there are no restrictions or penalties placed upon the exchange of goods
A
Free trade
9
Q
Taxes that must be paid on imported goods before they’re allowed to enter an area
A
Tariffs
