Examlex
If the suction pressure of a system is 60 psig and the oil pump outlet is 85 psig, what is the net oil pressure?
Scarcity
A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
Positive Statements
Factual statements that can be tested and validated, describing the world as it is rather than how it should be, typically used in economic analysis.
Value Judgments
Assessments or opinions made based on a set of criteria or moral standards rather than factual evidence alone.
Marginal Costs
The increase or decrease in the total costs incurred by producing one additional unit of a product or service.
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