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Econ 1 - 1st exam study - dynamic comparative advantage...

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dynamic comparative advantage - compar. adv. that is possesed as a result of specialization and learn by doing fallacy of composition - false statement of what is true of the parts is true of the whole post hoc fallacy - error of thinking that the first event is the cause of the second event and not vice versa services of factors of production - land=rent, labor=wages, capital=interest, entrepreneurship=profit dynamic comparative advantage - compar. adv. that is possesed as a result of specialization and learn by doing intellectual property - intangible product of creative effort: books, music, programs, ideas, etc. three dimensions of a commodity – the thing, the place, and time available The Invisible Hand and laissez faire Pareto Efficiency – production:can’t produce more of one w/o lessening another, distribution:can’t make one person better off w/o hurting another
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