Examlex
Large reserves of ____________________ are located in Canada and its oil reserves are considered to be second only in size to those in Saudi Arabia.
Fixed Input
Production factor that cannot be varied.
Technological Improvement
A process of innovation where new technologies or improvements to existing ones increase the efficiency or effectiveness of products, services, or processes.
Diminishing Returns
A principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot increase proportionally.
Total Product Curve
A graphical representation showing the relationship between the total output produced and the quantity of a single input.
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