Examlex
When the price of a product falls, causing consumers to purchase more of that product and less of other products, this is known as the:
Resource Allocation
The process of allocating resources, including capital, labor, and materials, among competing uses or projects in an efficient manner.
Production Possibilities Curve
The Production Possibilities Curve (PPC) is a model that shows the various combinations of two goods or services that an economy can produce, given its resources and technology, illustrating the concept of opportunity cost.
Unemployment Rate
The percentage of the labor force unemployed at any time.
Technological Advance
The development and application of innovative processes, equipment, or software that enhances productivity, efficiency, or quality.
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