Examlex
The appearance of the violent and destructive Mongol Empire ended all trade between the West and China.
Production Possibilities Curve
A graph that shows the various combinations of outputs that a society can produce given the available factors of production and technology.
Specialization
The process of focusing on a narrow area of expertise or production, enhancing efficiency and skill through the division of labor.
High Consumption-Low Investment
This term refers to an economic situation where a country or entity spends a significant portion of its income on consumption rather than investing in capital goods that could contribute to future growth.
High Investment-Low Consumption
An economic strategy or situation that focuses on higher levels of investment in capital and infrastructure while maintaining lower levels of consumer spending.
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