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Allocation of Resources
The process of assigning available resources, or factors of production, to specific uses chosen among many possible and competing alternatives.
Productivity
The assessment of how effectively a person, machine, factory, or system can transform inputs into valuable outputs.
Labor Input
Refers to the total hours worked or the number of employees engaged in production in the economy.
Goods and Services
The tangible products (goods) and intangible activities (services) that satisfy human wants and needs and are offered in the market.
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