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The States of Nature Are

question 11

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The states of nature are:


Definitions:

Recession

A significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in GDP, real income, employment, industrial production, and wholesale-retail sales.

Opportunity Cost

The waiver of potential benefits from miscellaneous options once one path is favored.

Mattel

A multinational toy manufacturing and entertainment company known for brands such as Barbie, Hot Wheels, and Fisher-Price.

Barbie Doll

A popular brand of fashion doll introduced by Mattel, Inc. in 1959.

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