Examlex
As of 2013, how large is the debt of developing countries to the rest of the world?
Scarcity
The essential economic issue revolves around the apparent infinite desires and necessities of humans in a world where resources are finite.
Absolute Advantage
The ability of an individual or country to produce more of a certain good compared to another individual or country using the same amount of resources.
Specialization
The process of focusing efforts and resources on a limited range of activities, goods, or services to gain efficiency, expertise, or productivity.
Productivity
A measure of the efficiency of production, often quantified as the ratio of output to inputs in the production process.
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