Examlex
What is the total fertility rate (TFR) at which a population reaches replacement level fertility?
Efficiency
The optimal allocation of resources to maximize the production of goods and services.
Total Surplus
The total net gain to society from creating and using goods and services, shown by adding together consumer and producer surplus.
Total Surplus
The sum of consumer and producer surplus, representing the total net benefit to society from the production and consumption of a good or service.
Gains From Trade
Gains achieved by dividing tasks and trading; in this way people can get more of what they want through trade than they could if they tried to be self-sufficient.
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