Examlex
The heart, stomach, and brain are examples of which level of organization?
Output Market
The output market is the marketplace in which goods and services produced by firms are sold or exchanged, contrasting with input markets where firms buy resources needed for production.
Labor
The physical and mental effort used to produce goods and services.
Normal Good
A good for which demand increases when consumer income rises, and decreases when consumer income falls.
Inferior Good
A type of good whose demand decreases when consumer income rises, contrary to normal goods, which see increased demand as incomes rise.
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