Examlex
Value judgments are based on people's tastes, preferences, and ethical opinions.
Production Possibilities Frontier (PPF)
A curve depicting all maximum output possibilities for two goods, given a set of inputs.
Maximum Benefit
The highest level of satisfaction or utility that a consumer can achieve with their available resources.
International Trade
The swapping of merchandise and services between nations.
Country Better Off
A situation where a country's overall economic welfare or prosperity improves, often measured through metrics like GDP, employment rates, and living standards.
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