Identify the Following Terms

question 81

Short Answer

Identify the following terms.
-Kshatriya

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Definitions:

Least-Cost Rule

A principle in economics that production should be carried out in a way that minimizes the cost of inputs, ensuring that resources are used efficiently.

Unit Cost

The amount a company spends to create, store, and market one instance of a certain product or service.

Least-Cost Combination

The least-cost combination is an economic principle that refers to the mix of factors of production that minimizes costs for a given level of output.

Resources

Inputs used in the production of goods and services, such as labor, capital, land, and entrepreneurship.