Examlex
Which of the following would be most likely to improve the standard of living of the residents of a less-developed country?
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) to make something for consumption.
Labor Demand Curve
A graphical representation showing the relationship between the wages paid to workers and the number of workers that employers are willing to hire.
Marginal Product
The additional output that is produced by using one more unit of a variable input.
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