Examlex
The three main issues that have shaped education policy in Texas over the last 50 years have been
Economic Growth
(1) An outward shift in the production possibilities curve that results from an increase in resource supplies or quality or an improvement in technology; (2) an increase of real output (gross domestic product) or real output per capita.
Technological Change
The introduction of new technologies or the improvement of existing ones, which can significantly impact productivity, efficiency, and value creation in various sectors.
Minimum Efficient Scale
The smallest level of production at which long-term average total costs are minimized, allowing a firm to compete effectively in the market.
Parity Ratio
The ratio of the price received by farmers from the sale of an agricultural commodity to the prices of other goods paid by them; usually expressed as a percentage; used as a rationale for price supports.
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