Term
| PPF (Production Possibilities Frontier) |
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Definition
| A curve showing the maximum attainable combination of two products that may be produced with available resources and current technology. |
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Term
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Definition
| The ability of the economy to produce increasing quantities of goods and services. |
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Term
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Definition
| The act of buying and selling. |
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Term
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Definition
| The ability of an individual or firm to produce more of a good or service than competitors, using the dame amount of resources. |
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Term
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Definition
| The ability of an individual or firm to produce a good or service at a lower opportunity cost than competitors. |
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Term
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Definition
| Markets for goods or services. |
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Term
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Definition
| The inputs used to make goods and services. |
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Term
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Definition
| Getting the maximum output of resources |
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