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What is implied by the following statement: Social policies are needed to ensure that no individual lives in poverty.
Opportunity Costs
Opportunity costs represent the benefits an individual, investor, or business misses out on when choosing one alternative over another.
Natural Disaster
A sudden and extreme event caused by natural processes of the Earth that can result in significant damage and loss.
Inward Shift
A decrease in the potential output of a good or service, often represented by a shift to the left of its supply or demand curve.
Production Possibility Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology, assuming efficient use of resources.
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