Examlex
Including a preview in the introduction to a speech:
Perfect Substitutes
Goods that can be completely replaced by another with no loss of utility to the consumer.
Inputs
The resources such as labor, materials, and capital, that are used in the production process to produce goods and services.
Output
The total amount of goods or services produced by an individual, firm, industry, or economy in a given period.
Production Function
A formula detailing how input factors like raw materials and labor are turned into output or goods.
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