Examlex
Explain what is meant by localization of function; and describe four ways that scientists have been able to "localize function."
Marginal Productivity
The extra output that is produced by using one more unit of a factor, keeping all other factors constant.
Highly Substitutable
Refers to goods or services that are readily replaced with alternatives by consumers due to minimal differences in characteristics or functionality.
Unit Costs of Production
The average cost incurred in producing one unit of a good, calculated by dividing the total cost of production by the number of units produced.
Related Resource
Assets or inputs that are connected or utilized together in the production process of goods or services.
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