Examlex
The gains from specialization and trade are based on absolute advantage.
Overpopulation
A condition where an area's population exceeds its environmental carrying capacity, leading to environmental degradation and diminished quality of life.
Bourgeoisie
The social class that owns the means of production in a capitalist society, typically contrasted with the working class or proletariat.
Capitalism
An economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods determined mainly by competition in a free market.
Economist Amartya Sen
An Indian economist and philosopher, noted for his contributions to welfare economics, social choice theory, and for his work on famine, human development theory, and the underlying mechanisms of poverty.
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Q51: OPEC failed to maintain a high price
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Q106: A binding price floor causes quantity supplied