Examlex
Name three characteristics of a geologically active moon.
Scarce Resources
Resources that are limited in availability and cannot satisfy all the various uses for them, leading to competition and the need for allocation.
Production Possibility Frontier
The Production Possibility Frontier (PPF) is a graphical representation that shows the maximum quantity of two goods or services that a society can produce, given fixed resources and technology, highlighting the trade-offs in production choices.
Labor Force
The total number of people, including both the employed and the unemployed, who are of working age and seeking employment.
Opportunity Cost
The value of the next best alternative that is foregone when making a choice.
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