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Consumer Goods
Items produced for personal consumption by the general public, including durable goods like vehicles and appliances, as well as non-durable goods such as food and beverages.
Business Firms
Organizations engaged in commercial, industrial, or professional activities, aiming to generate profits.
Production Possibilities Frontier
A graphical representation showing the maximum amount of two goods or services that can be produced within a given set of resources.
Recession
A brief spell of economic backslide, with a noted reduction in commerce and industrial production, usually spotted by a fallen GDP in two consecutive quarters.
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