Examlex
Groups are considered ethnocentric if they prejudge individuals or other groups of people based on negative preconceptions.
Economic Term
A concept or terminology used within the field of economics to describe processes, theories, or phenomena related to how goods and services are produced, distributed, and consumed.
Opportunity Cost
Giving up potential improvements from various alternatives by choosing one option.
Scarcity
Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources, leading to the necessity of allocation decisions.
Production
The process of combining various inputs to make goods or services for consumption.
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