Examlex
The Competitive Exclusion Principle states that
Scarcity
A fundamental economic problem of having seemingly unlimited human wants in a world with limited resources, making rationing necessary.
Goods and Services
Goods and services constitute the output of an economy's production activities; goods are tangible products, while services are intangible benefits or functions sold to consumers.
Resource
Assets or inputs used in the production of goods and services, including natural resources, labor, and capital.
Fundamental Resource
Basic inputs used in the production of goods and services, typically including labor, capital, land, and entrepreneurship.
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