Examlex
In contrast to most other stratification systems, Karl Marx's system had only two classes, each depending on the individual's relationship to the means of production.
Long Run
A period during which all factors of production and costs can be fully adjusted, allowing for a complete analysis of economic equilibrium and effects.
Expanding Plant
The process of increasing the size or capacity of a manufacturing or production facility.
Product Price
The financial outlay necessary to acquire a certain item or service.
Competitive Firm
A business that operates in a market where it has multiple competitors, and no single firm can influence the market price of goods or services.
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