Examlex
What is the unit of measurement for loads on a linear building element, such as a beam, in the U.S. System of units?
Opportunity Costs
The potential benefits an individual, investor, or business misses out on when choosing one alternative over another.
Equilibrium
A state in a market where supply equals demand, meaning that there is no tendency for the market price to change unless external factors alter supply or demand.
Specializing
The process by which individuals, businesses, or countries focus on producing a limited range of goods or services, to gain a competitive advantage in terms of efficiency, quality, or cost.
Specialization
Refers to the process by which individuals, firms, or countries focus on producing a limited range of goods or services to achieve greater efficiencies.
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