Examlex
Observation of a natural event by more than one human or scientific instrument is the basis of the scientific method.
Capital
Assets used in the production of goods and services, such as machinery, buildings, or tools.
Production Efficiency
A situation where the economy is utilizing all of its resources efficiently, producing what people want at the lowest possible cost.
Production Possibility Frontier
Describes the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.
Unemployment Rate
The percentage of the labor force that is jobless and actively looking for employment.
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