Examlex
You are a biochemist working on a molecule found in a recently discovered bacterium. You determine that the molecule is composed of a chain of similar subunits and can thus conclude that the molecule is unlikely to be a
Real GDP
The total market value of all final goods and services produced in a country in a given year, adjusted for inflation.
Constant Returns To Scale
The property whereby long-run average total cost stays the same as the quantity of output changes.
Inputs
Factors including workforce, materials, and funds employed in the process of creating products or offering services.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) to make something for consumption.
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