The Value of the Output Relative to the Value of the Input

question 21

True/False

The value of the output relative to the value of the input is measured by productivity.

---

Definitions:

Trade

The exchange of goods and services between individuals or entities, either within the same country or internationally.

Budget Line

A graphical representation showing all possible combinations of two goods that can be purchased given a consumer's income and the prices of the goods.

Price

The sum of money anticipated, needed, or provided as payment for an item.

Shift Outward

An economic term referring to the expansion of a production possibility frontier, indicating an increase in an economy's capacity to produce.