Examlex
How are deficit and surplus items determined in the balance of payments?
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output).
Opportunity Cost
The detriment of neglecting the next optimal alternative during the process of making a decision.
Opportunity Cost
The benefit that is missed or given up when choosing one alternative over another.
Hour
A unit of time equal to 60 minutes.
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