Examlex
What are the "separation of powers" and "checks and balances"? How are these sets of institutional arrangements related? How are they distinct? How are the separation of powers and checks and balances put into effect in the U.S. Constitution?
Comparative Advantage
The ability of an individual or group to carry out a particular economic activity more efficiently than another activity.
Increasing Returns
A situation in economics where an increase in the amount of inputs leads to a greater proportional increase in the amount of output.
Factor Endowments
The amount of land, labor, capital, and entrepreneurship that a country possesses and can exploit for manufacturing and service provision.
Technology
The technical means for producing goods and services.
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