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In economics, a factor market is a market where factors of production are bought and sold. Factor markets allocate factors of production, including land, labour and capital, and distribute income to the owners of productive resources, such as wages, rents, etc. [1] Firms buy productive resources in return for making factor payments at factor ...
In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
Factor price equalization is an economic theory, by Paul A. Samuelson (1948), which states that the prices of identical factors of production, such as the wage rate or the rent of capital, will be equalized across countries as a result of international trade in commodities. The theorem assumes that there are two goods and two factors of ...
Examples of emerging bioproducts or biobased products include biofuels, bioenergy, starch-based and cellulose-based ethanol, bio-based adhesives, biochemicals, bioplastics, etc. [8] [9] Emerging bioproducts are active subjects of research and development, and these efforts have developed significantly since the turn of the 20/21st century, in ...
Biotechnology is the research and development in the laboratory using bioinformatics for exploration, extraction, exploitation, and production from any living organisms and any source of biomass by means of biochemical engineering where high value-added products could be planned (reproduced by biosynthesis, for example), forecasted, formulated ...
Product market regulation is a term for the placing of restrictions upon the operation of the product market. According to an OECD ranking in 1998, English-speaking and Nordic countries had the least-regulated product markets in the OECD. [2] The least-regulated product markets were to be found in: United Kingdom; Australia; United States ...
Biomanufacturing products are recovered from natural sources, such as blood, or from cultures of microbes, animal cells, or plant cells grown in specialized equipment. The cells used during the production may have been naturally occurring or derived using genetic engineering techniques. [citation needed]
This glossary of biology terms is a list of definitions of fundamental terms and concepts used in biology, the study of life and of living organisms.It is intended as introductory material for novices; for more specific and technical definitions from sub-disciplines and related fields, see Glossary of cell biology, Glossary of genetics, Glossary of evolutionary biology, Glossary of ecology ...