Examlex
What is stagflation? How does it occur as an effect of shock to aggregate supply curve?
Production
The process of creating goods or services by combining various inputs in order to make products that are suitable for consumption or further production.
Increasing Returns To Scale
A situation in production where an increase in the scale of inputs leads to a more than proportional increase in output.
Weak Axiom
In consumer theory, it refers to the consistency of consumer choice behavior under the assumption of non-increasing preferences.
Profit-maximizing Behavior
An economic principle where businesses seek to achieve the highest possible profit from their operations.
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