Examlex
The elasticity of demand for labor varies inversely with the elasticity of demand for the product it is used to produce.
Computers
Electronic devices capable of processing, storing, and communicating information according to a set of instructions called programs.
Comparative Advantage
The capability of a nation, person, corporation, or area to generate a product or service with a lesser opportunity cost compared to rivals.
Specializes
The process by which individuals, businesses, or countries focus on producing a limited scope of products or services to gain greater efficiency and expertise.
Opportunity Cost
The financial impact of rejecting the nearest superior alternative when deciding.
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