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question 47

Short Answer

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Definitions:

Production Possibilities Frontier

A graph showing all the possible highest production levels for two or more products, given certain inputs.

Trade

The act of buying, selling, or exchanging goods and services between people, firms, or countries.

Consumption Combination

The mix of goods and services that a consumer chooses to consume at a given time based on their preferences and budget.

Absolute Advantage

The ability of a country or entity to produce a good or service more efficiently than another country or entity.