Examlex
What kind of states resulted from the unifications of Germany and Italy?
Labor
Labor represents the human effort, both physical and mental, used in the production of goods and services.
Capital
Financial assets or the financial value of assets, such as cash and goods, working to produce further wealth or used in the production of goods and services.
Comparative Advantage
The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors, leading to specialized production and trade.
Production Possibilities
Different mixtures of products and services that an economy can generate with its current resources and technological capabilities.
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