Examlex
There were 27 students at the picnic, of which 18 developed illness. The attack rate was thus nearly 67%. What does this mean?
Resource (Labor)
Human effort, both physical and mental, used in the production of goods and services.
Short Run
A period of time in economics during which at least one factor of production is fixed, limiting the capacity to adjust to changes in demand or market conditions.
Long Run
Describes a period in which all factors of production and costs are variable, allowing for the adjustment of all inputs and technology by firms.
Fixed Resource
Refers to a factor of production that remains constant, regardless of the level of output or activity in the short term.
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