Examlex
Technological advances are difficult to predict.One great advance can surpass another in a short period of time.Even today's state-of-the-art plasma screen television can be affected or replaced by new technology such as __________.
Three-Factor Production Function
A mathematical model in economics that describes output as a function of three inputs: labor, capital, and land or raw materials.
Factor Prices
The prices of inputs used in the production of goods and services, such as labor, capital, and raw materials.
Cost of Production
The total expenditure incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead costs.
Cobb-Douglas
A form of production function used in economic modeling, characterized by its representation of the relationship between two or more inputs and the resulting output.
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