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Experiments
Economies Of Scale
The cost advantage that arises with increased output of a product, where the average cost per unit falls as the volume of its production increases.
Opportunity Cost
The next best alternative foregone as a result of making a decision.
Rice
A staple food grain consumed by a large portion of the world's population, particularly in Asia.
Resource Endowments
The natural resources, labor force, and capital that a country possesses, which can affect its economic development.
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