in the the economies of mass production. long run; economizing problem The choices necessitated because society’s economic wants for goods and services are unlimited but the resources available to satisfy these wants are limited (scarce). efficiency factors (in growth) The capacity of an economy to combine resources effectively to achieve growth of real output that the (of growth) make possible. s upply factors efficiency gains from migration Additions to output from in the destination nation that exceeds the loss of output immigration from from the origin nation. emigration efficiency loss Reductions in combined consumer and producer surplus caused by an underallocation or overallocation of resources to the production of a good or service. Also called deadweight loss. efficiency loss of a tax The loss of net benefits to society because a tax reduces the production and consumption of a taxed good below the level of Also called the deadweight allocative efficiency. loss of the tax. efficiency wage A wage that minimizes wage costs per unit of output by encouraging greater effort or reducing turnover. efficient allocation of resources That allocation of an economy’s resources among the production of different products that leads to the maximum satisfaction of wants, thus producing the consumers’ socially optimal mix of output with society’s scarce resources. elastic demand Product or resource demand whose price elasticity is greater than 1. This means the resulting change in quantity is greater than the percentage change in demanded price. elasticity coefficient The number obtained when the percentage change in (or supplied) is divided by the q uantity demanded percentage change in the of the commodity. price elasticity formula (See p rice elasticity of demand.) elasticity of resource demand A measure of the responsiveness of firms to a change in the price of a particular they resource employ or use; the percentage change in the quantity of the resource demanded divided by the percentage change in its price. Product or resource supply whose price elasticity elastic supply is greater than 1. This means the resulting change in quantity supplied is greater than the percentage change in price. electronic payments Purchases made by transferring funds electronically. Examples: Fedwire transfers, automated clearinghouse transactions (ACHs), payments via the PayPal system, and payments made through stored-value cards. The exit (outflow) of residents from a country to emigration reside in foreign countries. employment rate The percentage of the employed at labor force any time.
in the long run; the economies of mass production. economizing problem The choices necessitated because society’s economic wants for goods and services are unlimited but the resources available to satisfy these wants are limited (scarce). efficiency factors (in growth) The capacity of an economy to combine resources effectively to achieve growth of real output that the s upply factors (of growth) make possible. efficiency gains from migration Additions to output from immigration in the destination nation that exceeds the loss of output from emigration from the origin nation. efficiency loss Reductions in combined consumer and producer surplus caused by an underallocation or overallocation of resources to the production of a good or service. Also called deadweight loss. efficiency loss of a tax The loss of net benefits to society because a tax reduces the production and consumption of a taxed good below the level of allocative efficiency. Also called the deadweight loss of the tax. efficiency wage A wage that minimizes wage costs per unit of output by encouraging greater effort or reducing turnover. efficient allocation of resources That allocation of an economy’s resources among the production of different products that leads to the maximum satisfaction of consumers’ wants, thus producing the socially optimal mix of output with society’s scarce resources. elastic demand Product or resource demand whose price elasticity is greater than 1. This means the resulting change in quantity demanded is greater than the percentage change in price. elasticity coefficient The number obtained when the percentage change in q uantity demanded (or supplied) is divided by the percentage change in the price of the commodity. elasticity formula (See p rice elasticity of demand.) elasticity of resource demand A measure of the responsiveness of firms to a change in the price of a particular resource they employ or use; the percentage change in the quantity of the resource demanded divided by the percentage change in its price. elastic supply Product or resource supply whose price elasticity is greater than 1. This means the resulting change in quantity supplied is greater than the percentage change in price. electronic payments Purchases made by transferring funds electronically. Examples: Fedwire transfers, automated clearinghouse transactions (ACHs), payments via the PayPal system, and payments made through stored-value cards. emigration The exit (outflow) of residents from a country to reside in foreign countries. employment rate The percentage of the labor force employed at any time.
honors_textbook_glossary.docx