Examlex
State the three-fold idea behind simulation.
Units of Output
The measurement of production amount, typically quantified in terms of units produced.
Average Worker
The term "average worker" typically refers to a hypothetical or statistical individual whose job characteristics (wages, hours worked, skills) represent the mean or median of a larger group.
Business Cycle
The natural rise and fall of economic growth that occurs over time, marked by periods of expansion, peak, recession, and recovery.
Goods and Services
The physical objects (goods) and intangible benefits (services) that fulfill consumer needs and wants.
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