Examlex
The two categories - valued-added and non-value added - are defined from the organization's management perspective.
Gain From Trade
Refers to the increase in output and consumption that countries experience through specialization and exchange of goods and services.
Production Possibilities Frontier
An illustration that represents the utmost production capabilities for any two commodities, based on a combination of inputs like resources and additional elements.
Self-sufficiency
The ability of an individual, household, or nation to meet all their needs without external assistance.
Opportunity Cost
The price paid for not choosing the next most favorable opportunity when making a choice or decision.
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