Term
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Definition
| a person can perform a task with fewer resources (for example, in less time) than another person |
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Term
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Definition
| a combination of goods that can be produced using a person's current resources and productivity |
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Term
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Definition
| a person can perform a task at a lower opportunity cost than another person |
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Term
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Definition
| a combination of goods in which the production of one good cannot be increased without reducing the production of another good |
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Term
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Definition
| a combination of goods in which the production of one good can be increased without reducing the production of another good |
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Term
| production possibility curve |
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Definition
| a graph that shows the maximum combination of goods that can be produced by a person given their current resources and productivity |
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Term
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Definition
| a combination of goods that cannot be produced using a person's current resources and productivity |
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