Factor of production

 

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Factor of production

Factor (definition 1).



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Production possibilities schedule

Production possibilities schedule

The maximum amount of goods (i.e., food and clothing) that a country is able to produce given its labor supply.


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An externality arising from production.


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A statistic determined by the Federal Reserve Board focusing on the total output of all US factories and mines on a monthly basis. Used as an economic indicator.


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A structure of technology for a general equilibrium model due to Jones and Kierzkowski (1986). With an arbitrary but equal number of goods and factors, each factor produces two (different) goods, each good uses two (different) factors, in a way that yields more unambiguous results than one normally finds in high-dimension trade models without specific factors.


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