Examlex
A work cell is an autonomous production line that can perform only one required operation efficiently at a time.
Shift Inward
A situation in economics where the supply curve moves towards the origin, indicating a decrease in supply at every price level.
Unemployment Rate
The number unemployed as a percentage of the labor force.
Technology
The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machines, techniques, and processes.
Production Possibilities Frontier
The Production Possibilities Frontier is a curve depicting all maximum output possibilities for two goods, given a set of inputs.
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