Examlex
Describe the major components of national income.
Fixed Factors
Elements of production that cannot be easily increased or decreased in the short term, such as land, buildings, or capital equipment.
Weak Axiom
A principle or condition in economics that provides a minimal criterion for consumer choice consistency under certain assumptions.
Profit Maximization
A process or strategy in which a firm's primary objective is to achieve the highest possible profits by adjusting its production and pricing techniques.
Input Increases
A situation where there is an enhancement or augmentation in the resources used for production.
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