Microeconomics Chapter 2
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The ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources.
The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.
The ability of an economy to produce increasing quantities of goods and services.
A market for the factors of production, such as labor, capital, natural resources, and entrepreneurial ability.
Factors of production
Labor, capital, natural resources, and other inputs used to produce goods and services.
A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.
A market for goods-such as computers- or services-such as medical treatment.
The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.
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