Examlex
Twenty years after graduating, a subject is able to correctly "pick out" photographs of students she attended high school with from a larger group of strangers. To do so she has used
Production Possibilities Frontier
A chart that maps out all possible maximum production outcomes for a pair of items, given certain inputs which involve resources and more.
Interdependence
The mutual reliance between two or more entities, where the actions of one significantly affect the other, prevalent in global economies.
Gains From Trade
The benefits that parties obtain from engaging in voluntary trade, often resulting in an increase in overall economic efficiency and consumer welfare.
Gain From Trade
Refers to the increase in output and consumption that countries experience through specialization and exchange of goods and services.
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