Ecn 211 Midterm #1 Questions And Answers 100% Verified A+ Guaranteed

productivity {Ans: the quantity of goods and services produce from each unit of labor input}law of supply {Ans: the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises}comparative advantage {Ans: the ability to produce a good at a lower opportunity cost than another producer}quantity supplied {Ans: the amount of a good that sellers are willing and able to sell}efficiency {Ans: the property of society getting the most it can from its scarce resources}exports {Ans: goods produced domestically and sold abroad}