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It takes Russell 6 hours to produce a bushel of corn and 2 hours to wash and polish a car.It takes Wilma 6 hours to produce a bushel of corn and 1 hour to wash and polish a car.Wilma and Russell cannot gain from specialization and trade,since it takes each of them 6 hours to produce 1 bushel of corn.
Market Demand
The aggregate amount of a product or service all buyers in a market are prepared to buy at different price points.
Competitive Industry
An industry structure where many firms compete for market share, with no single firm dominating the market.
Product Price
The amount of money charged for a single unit of a product, determined by various factors including production costs, demand, and competition.
Economic Resources
Resources that are available to firms and individuals, such as labor, capital, and land, used to produce goods and services.
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