Examlex
How many senators represent the District of Columbia in the U.S. Senate?
Goods and Services
Goods and services constitute the output produced by an economy, with goods being tangible items and services being intangible offerings that value to consumers.
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.
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