Examlex
When you slice up a pie that contains a swirled mixture of chocolate and vanilla filling, you notice that some slices have more chocolate than vanilla and that other slices have more vanilla than chocolate. This uneven distribution of chocolate and vanilla is most like the uneven distribution of
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) to make something for consumption.
Constant Returns To Scale
A situation in production where increasing the amount of inputs results in a proportionate increase in the output.
Poorer Grows Faster
An observation in economics that poorer economies tend to grow at a faster rate than richer economies due to the catch-up effect.
Standard Of Living
A level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
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