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What is a DNA library?
Economic Growth
The increase in the production and consumption of goods and services, leading to an improvement in the standard of living over time.
Production Possibility Frontier
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources), embodying the principle of opportunity costs.
Opportunity Cost
Bypassing potential gains from a range of alternatives by finalizing one choice.
Production Possibility Frontier
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources), representing the trade-offs of producing one good over another.
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