Examlex
A firm can obtain new products in two ways: acquisition or new- product development.
Production Possibilities Curve
A graphical representation that shows the maximum quantity of two goods that can be produced with available resources and technology.
Consumer Goods
Products and services that are consumed by individuals or households to satisfy their needs or wants.
Capital Goods
Items that are used in the production of other goods and services, rather than being bought by consumers.
Opportunity Costs
The cost of choosing one alternative over others, representing the benefits an individual, investor, or business misses out on when choosing one option over another.
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