Examlex
The outcomes of the changes in the laws of a society are known as:
Absolute Labor Productivity
The total output produced by a worker or workforce in a given time period, not adjusted for factors like hours worked.
Relative Opportunity Costs
The loss of potential gain from other alternatives when one alternative is chosen, expressed in terms of the ratio between the cost of the chosen alternative and the cost of the next best alternative.
Opportunity Cost
The cost of forfeiting the next best alternative when one option is chosen over another.
Comparative Advantage
The capability of a company, individual, or country to manufacture a product or offer a service with a reduced opportunity cost than competing entities.
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