Examlex
Jason, a single individual, is employed by KLD Inc. but doesn't participate in any employer-sponsored retirement plan. Jason's annual contribution to his Roth IRA is deductible.
Comparative Advantage
The proficiency of an individual or collective in performing a certain economic function more efficiently than a different function.
Specialization
The process of focusing resources on the production of one or a few goods and services to increase efficiency.
Exchange
The process of exchanging one item for another, particularly one of similar type or value.
Production Possibilities
The various combinations of goods and services that can be produced within an economy given the available resources and technology.
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