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In the simple circular-flow diagram, in which market are households sellers?
Production Possibility Frontier
A curve depicting all maximum output possibilities for two goods, given a set amount of inputs, highlighting concepts of opportunity cost, efficiency, and trade-offs.
Idle Resources
Resources in an economy that are not being fully utilized, often leading to inefficiency.
Output
The total amount of goods and services produced by an economy or a production process.
Guns And Butter
A term used in economics to represent the trade-off between a nation's investment in defense and civilian goods.
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