Examlex
If the elasticity coefficient of supply is 0.7, supply is elastic.
Full Employment
An economic situation in which all available labor resources are being used in the most economically efficient way.
Production Possibilities Curve
The potential total output combinations of any two goods for an economy.
Production Possibility Curve
A graphical representation showing the maximum combination of goods or services that can be produced with available resources and technology.
Economic Resource
Assets or inputs used in the production of goods and services, including land, labor, capital, and entrepreneurship.
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