Examlex
Union stewards are full-time employees at the workplace and generally are not paid by the union.
Comparative Advantage
An economic principle stating that countries or entities gain and benefit from trade when they specialize in producing goods for which they have a lower opportunity cost than their trading partners.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).
Producer Surplus
The difference between what producers are willing to accept for a good or service versus what they actually receive in the market.
Consumer Surplus
The gap between the price consumers are ready to offer for a good or service and the effective amount they spend on it.
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