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Place your graphing calculator in parametric and degree modes. Set the window for Tmin=0, Tmax=360, Tstep=1, Xmin= . Set the functions to . Graph the circle of radius 1 on the screen. Use the trace feature to move a short distance around the circle.
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Law of Increasing Opportunity Costs
States that as production of a product increases, the cost to produce an additional unit of that product also increases. This is due to resources typically not being equally efficient in producing every good.
Consumer Goods
Products that are purchased for consumption by the average consumer, typically divided into durable goods, nondurable goods, and services.
Capital Goods
Physical assets used in the production of goods and services, such as machinery, buildings, and equipment.
Production Possibilities Curve
A graphical representation that shows the maximum combination of two goods or services that can be produced with a given set of resources and technology.
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