Examlex
Hardware consists of electronic components that are used to input, process, output, and store data according to instructions encoded in computer programs or software.
Opportunity Cost
The cost of foregoing the next best alternative when making a decision.
Positive Statements
Assertions about the world that are objective and can be tested by referring to the available evidence.
Value Judgments
Assessments or opinions based on personal values, ethics, or standards, rather than objective data.
Budget Line
A graphical representation showing all possible combinations of two goods that can be purchased with a given budget at fixed prices.
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