Examlex
What is the species name of the pouch-bearing mammals that have, in isolation from mammals from other parts of the world, evolved over thousands of years to the special conditions of Australia's climate?
Inputs
Resources, such as labor, materials, and capital, that are used in the production process to create goods and services.
Minimum Cost
The lowest possible cost at which a particular set of goods or services can be produced or acquired without sacrificing quality or quantity.
Factor Prices
The prices of the inputs used in the production process, such as labor wages, capital rental rates, and raw material costs.
Production Function
An equation that describes the output of a production process, given the quantity of inputs used.
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