Examlex
Which of the following is a type of E-R diagram?
Production Possibilities
A graphical representation of the maximum number and combinations of goods and services that can be produced from a fixed set of resources.
Absolute Advantage
A situation where a country, individual, or firm can produce more of a good or service with the same amount of resources compared to other entities.
Specialize
When individuals or businesses focus on producing a limited range of goods or services to increase efficiency and output quality.
Comparative Advantage
Being able to manufacture a good or provide a service with a smaller opportunity cost than that of competing individuals, companies, or nations.
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