Examlex
The term __________ refers to the unrestricted international exchange of goods, services, and capital.
Elasticity of Resource Supply
A measure of how responsive the quantity supplied of a resource is to a change in price.
Elasticity of Product Demand
The degree to which the demand for a product changes in response to a change in its price.
Labor Costs
The total expenditure by businesses for paying their employees, including wages, benefits, and taxes.
Labor-Intensive
A process or industry that requires a large amount of labor relative to capital in its production processes.
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