Examlex
Family is seen as the most basic institution,what function does it support?
Total Output
The total amount of goods or services produced by an economy or firm within a specific period.
Specialization
The practice of focusing production on a limited range of goods or services to gain efficiency.
Trade
The exchange of goods and services between parties, which can occur within an economy (domestic trade) or between economies (international trade).
Opportunity Cost
The financial sacrifice involved in overlooking the closest alternative when a choice is made or one option is favored over another.
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