Examlex
Which of the following is true of the APEC?
Resources
Various means or inputs (such as labor, capital, land) used in the production of goods and services.
Efficiency
The extent to which resources are used in the most productive way possible to achieve maximum output or outcomes.
Opportunity Costs
The cost of an alternative that must be forgone in order to pursue a certain action or the benefits you miss out on when choosing one alternative over another.
Economic Welfare
The overall health and well-being of an economy, often measured by standards of living, availability of goods and services, and income distribution.
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