Examlex
Which federal agency is responsible for testing and approving medical devices?
Specialization
The process of focusing effort and resources on a specific area of production or knowledge to increase efficiency and output.
Absolute Advantage
The ability of a country, individual, or firm to produce a greater quantity of a good or service than competitors using the same amount of resources.
Living Standards
A measure of wealth, comfort, material goods, and necessities available to individuals or societies, often associated with income, employment, class disparity, and poverty rates.
Self-Sufficient
The ability of an individual, household, or community to meet its own needs without external aid.
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