Examlex
Edward Chace Tolman introduced the term cognitive map.
Economic Pie
A metaphorical representation of the total wealth or economic resources available for allocation or distribution within an economy.
Average Cost
The total cost of production divided by the quantity produced, indicating the cost per unit of output.
Unlimited Resources
A theoretical scenario where resources are abundant and not finite, eliminating scarcity and its associated challenges.
Opportunity Cost
The cost of missing out on the next best alternative when making a decision or choosing to carry out one action instead of another.
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