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In the late 1950s, James Vicary, a public-relations executive, arranged to have subliminal messages flashed on a theatre screen during a movie. The messages urged the audience to "drink Coca-Cola" and "eat popcorn." Vicary's report that the subliminal messages increased popcorn sales by 50 percent and soft-drink sales by 18 percent was _______________.
Absolute Advantage
The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than any other production entity.
Comparative Advantage
The ability of an individual or group to carry out a particular economic activity more efficiently than another activity.
Production Relationships
Production relationships refer to the connections and interactions between inputs used in the production process and the resulting outputs.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two or more goods, given a set of inputs.
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