Examlex
What are the major exceptions to searching without a search warrant?
Scarcity
Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources, leading to the necessity of allocation decisions.
Production
The process of combining various inputs to make goods or services for consumption.
Comparative Advantage
The capacity of an individual or country to manufacture a given good or service more efficiently, incurring lower opportunity costs than their counterparts.
Opportunity Cost
The omission of possible gains that could come from different options when one is preferred.
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