Examlex
A patent is an example of a cost advantage independent of size.
Market Economy
A system where the economy and the prices of goods and services are determined entirely by the collective actions of a country's individuals and companies.
Scarce Resources
Resources that are limited in supply and available in less quantity than the demand in an economy, necessitating allocation choices.
Quantities Demanded
The total amount of a good or service that consumers are willing to buy at a given price over a specified period.
$5.00
A monetary value equivalent to five dollars.
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