Examlex
How are health warnings on cigarettes an example of bureaucracies having more power than Congress in some cases?
Opportunity Cost
The cost of choosing one option over another, typically the best alternative forgone as a result of making a decision.
Efficient
Efficiency refers to the optimal production and distribution of resources in a way that best meets the needs and desires of consumers.
Scarce Resources
Natural, human, and capital resources that are limited in supply and can be used for the production of goods and services.
Bowed Outward
Refers to the shape of a production possibility frontier that indicates increasing opportunity costs for producing two goods.
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