Examlex
When it comes to choosing among different types of opportunities, most firms tend to be production-oriented and usually think first of diversification.
Production Possibilities Curve
A graphical representation showing the maximum number of goods or services that can be produced with a given set of resources and technology.
Resources Are Scarce
The principle that the availability of natural, human, and capital resources is limited, necessitating choices about their allocation and use.
Normative Statements
Statements that express opinions on how the world ought to be, involving value judgments rather than factual claims.
Expressions Of Facts
Statements that aim to convey information about reality or actual events without alteration.
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