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Production Possibilities Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs, assuming all resources are fully and efficiently utilized.
Unemployment Rate
The slice of the labor pool actively seeking employment but currently unemployed.
Full Production
The state where all available resources are being used efficiently to produce goods and services.
Economic Problem
The fundamental issue of limited resources to meet unlimited wants, necessitating choices and prioritization in allocation.
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