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Flashcards - CEOE Business Education: Fundamentals of Microeconomics

Flashcards - CEOE Business Education: Fundamentals of Microeconomics
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economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
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economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
law of increasing opportunity costs
In economics, the law of increasing costs is a principle that states that once all factors of production are at maximum output and efficiency, producing more will cost more than average

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