A Decrease in the Cost of Labor or Some Other

question 262

Short Answer

A decrease in the cost of labor or some other input will make the production of a product less costly and more profitable at a given price,so producers will supply more of it.This is an example of ________.

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Definitions:

Tariffs and Quotas

Government-imposed taxes on imported goods (tariffs) and limits on the quantity of imports (quotas) to protect domestic industries.

Private Capital

Funds or assets owned by individuals, companies, or investors, not by the government or public entities.

World Bank

An international lending institution that offers financial aid and grants to the governments of developing countries for capital project initiatives.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, typically measured by the rise in real GDP.