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Economic Growth
An increase in the production of goods and services in an economy over a period, indicating improving national prosperity.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs resources and technology.
Economic Decline
A period where an economy experiences reduced economic activity, often marked by decreases in GDP, employment, and consumer spending.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources), assuming all inputs are used efficiently.
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