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What is the standard abbreviation for an electrocardiogram?
Opportunity Cost
The cost of foregoing the next best alternative when making a decision or choosing to allocate resources in a particular way.
Production Possibility Frontier
A graph that shows all the highest possible production levels for two products, based on available resources and technological capabilities.
Increasing Opportunity Costs
The concept that the cost of forgoing the next best alternative increases as resources become more specialized in production.
Guns And Butter
A term used to describe a country's decision to allocate its resources between defense and civilian goods.
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