Examlex
Which of the following accompanies urbanization (replacing farms and open areas with cities) ?
Productive Capacity
The maximum output a firm or economy can produce with the current level of resources and technology, indicating potential growth limits.
Efficiently
The ability to achieve a goal or fulfill a function with the least waste of time and effort; maximizing productivity with minimum wasted effort or expense.
Economic Model
A simplified representation of economic processes, typically using mathematical formulas, to understand and predict economic behaviors.
Scientific Method
A systematic process of questioning, data collection, analysis, and hypothesis testing used to explore observations and answer questions.
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