an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.

 is the ability of an individual, company, region, or country to produce a greater quantity of a good or service with the same quantity of inputs per unit of time, or to produce the same quantity of a good or service per unit of time using a lesser quantity of inputs, than its competitors.

 an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.

 this refers to a market structure in which there are many sellers who are supplying goods that are close, but not perfect substitutes. Each firm can exercise some effect on its product's price.

 if goods can move freely across countries, that is, if There is completely free trade, including the absence of transport costs, then the disparities in factor prices will vanish, and therefore factor prices across countries will equalize.

 refers to a situation where a person actively searches for employment but is unable to find work.

refers to how different industries are classified and differentiated based on their degree and nature of competition for goods and services.

it is an organization of laborers in a factory, in a special trade or craft, or in an industry.

the percentage of people in the labor force who are unemployed.

defined as a measure of the extent to which available labor resources (people available to work) are being used.

refers to a situation in which individuals are employed but their employment situation does not fully utilize their skills, education, or availability to work.

workers are paid according to the number of hours they work or according to the number of goods they produce.

refers to a method or approach used to organize and manage work or activities within an organization.

refers to the practice of hiring employees who would render their services for a finite amount of time, usually, for a few months only.

 is a full-time job split between two individuals, each with responsibility for the success of the total job.

 as the amount of good that is consumed increases, the marginal utility of such good tends to diminish

 refers to the increment to your utility or the added satisfaction upon consuming another amount of the same good.

 can also be linked to the concept of fulfilling one's satisfaction.

manufacturers are those who manufacture and finish products while producers are those who produce raw materials.

states that we will get less and less extra output when we add additional doses of inputs while holding other inputs fixed.

the money made or lost on an investment over some period of time.

the rate of return for a marginal increase in investment; roughly, this is the additional output resulting from a one-unit increase in the use of a variable input, while other inputs are constant.

as the amount of good that is consumed increases, the marginal utility of such good tends to diminish