Identify the Following Terms

question 88

Short Answer

Identify the following terms.
-"modernizing elite"

---

Definitions:

Output Level

The amount of product or service that is produced by a company or an economy at a given time.

Isoquants

Curves representing combinations of inputs which yield the same level of output in production theory, illustrating technical substitution and factor combinations.

MRTS

Marginal Rate of Technical Substitution; the rate at which one input must increase when another input decreases to keep output constant.

Labor

A term referring to the human effort, both physical and mental, used in the production of goods and services.