Identify and State the Historical Significance of the Following

question 79

Short Answer

Identify and state the historical significance of the following:
-Anglo-American Convention

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Definitions:

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology.

Immigrants

People who come to live permanently in a foreign country from their country of origin.

Pure Capitalism

An economic system characterized by the private ownership of resources and the use of prices to coordinate economic activity in unregulated markets.

Economic Question

A query that addresses how to allocate scarce resources to satisfy unlimited wants and needs.