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If the price of smoothies is $3.50 in the United States and the exchange rate is 110 yen per dollar, then what is the yen price of smoothies?
Opportunity Costs
The forfeit of discarding the next top choice during the decision-making procedure.
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.
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