Examlex
Which of the primary effects of globalization would you focus on if you were interested in how communities in Mexico were influenced by workers in New York City?
Economic Models
Simplified representations of complex economic processes, designed to help understand how the economy functions and predict future economic behavior.
Resource Allocation
The process of distributing available resources among various competing needs or uses in order to achieve a desired outcome or optimize efficiency.
Comparative Advantage
An economic theory stating that a country should specialise in producing and exporting goods in which it has a lower opportunity cost than other countries.
Opportunity Cost
Opportunity cost refers to the value of the next best alternative foregone as the result of making a decision.
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