Examlex
One of the basic principles of international trade refers to how states produce what they are best at producing and then trading the surplus for other goods.This is also known as
Additional Cost
The extra cost that is incurred when an economic agent decides to increase the level of an activity or purchase.
Labor Market
The marketplace in which individuals offer their labor for employment and employers seek to hire labor to fill available positions.
Resource Market
The market where resources or inputs such as labor, capital, and raw materials are bought and sold.
Rational Decision Maker
An individual or entity that makes choices that maximize benefits while minimizing costs, based on available information and logical analysis.
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