Examlex
Suppose a small city has a population of 100 000 and a labour force of 60 000. Employment is 55 000 and 5,000 workers are unemployed. How many people are not in the labour force?
Gains From Trade
The benefits that parties obtain from engaging in voluntary trade, often resulting in an increase in overall economic efficiency and consumer welfare.
Gain From Trade
Refers to the increase in output and consumption that countries experience through specialization and exchange of goods and services.
Production Possibilities Frontier
An illustration that represents the utmost production capabilities for any two commodities, based on a combination of inputs like resources and additional elements.
Self-sufficiency
The ability of an individual, household, or nation to meet all their needs without external assistance.
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