Economists Use the Term ______ to Refer to the Ability

question 108

Short Answer

Economists use the term ______ to refer to the ability to produce a good using fewer inputs than another producer.

---

Definitions:

Technological Factors

Refer to the influence that advancements in technology have on the economy, society, and environment, affecting employment, industry efficiency, and innovation.

Britain's Rise

The period during which Britain evolved into a global superpower, marked by extensive territorial expansion, industrial growth, and naval dominance.

Peasants

People of the lower class in rural areas who own or rent small pieces of land for agriculture, historically under feudal systems but also in various forms in modern societies.

Nobles

Members of the aristocracy or nobility, holding significant social status, privileges, and influence from birth or by grant from a monarch.