Examlex
It is estimated that 15% of the global workforce could be displaced by the adoption of automation by the year 2030.
Productive Resource
Any resource used in the creation of goods and services, including land, labor, and capital.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in market balance.
Economic Resource
Assets or inputs used in the production of goods and services, including natural resources, human resources, capital, and entrepreneurship.
Aggregate Economic Rent
The total earnings that factors of production receive over and above their opportunity cost, representing the extra income derived from resource ownership.
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