Examlex
What is the common law rule regarding the availability of compensation when the plaintiff's contributory negligence contributed to his/her injury? How has this been changed by legislation?
Production Possibility
A graph showing the highest possible production levels of two items, using a specific combination of resources and various factors.
Opportunity Costs
Making a choice results in the loss of potential profit that could have been earned from choosing differently.
Increasing Opportunity
In economic terms, refers to the increasing cost associated with producing additional units of a good, implying that producing more of one good requires sacrificing increasingly larger amounts of another good.
Production Possibilities
The various combinations of goods and services that can be produced by an economy given its available resources and technology, illustrating potential trade-offs and efficiency.
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