Examlex
Suppose the inflation rate of a country in 2009 was 20%. If a dress costs $150 at the beginning of the year, how much would it cost at the end of the year?
Technological Advance
The development and application of new technologies or improvements in existing technologies, leading to greater efficiency or new capabilities.
Marginal Product
The increase in output that arises from an additional unit of input, holding all other inputs constant.
Power Cords
Electrical cables used to connect appliances and electronic devices to the main electricity supply in order to power them.
Fifth Worker
An example used in economics to illustrate the principle of diminishing returns, where the addition of a fifth worker may lead to a lesser increment in output than the fourth.
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