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How was the shadow principal applied to the government bureaucracy?
Production Possibility
The combination of goods and services that can be produced given available resources and technology, illustrating the trade-offs in production.
Linear
Describes a relationship or function that represents a straight line when graphed, indicating a constant rate of change.
Positive Economics
The branch of economics that concerns the description and explanation of economic phenomena, focusing on facts and cause-and-effect relationships without making judgments.
Normative Economics
The branch of economic analysis that makes prescriptions about the way the economy should work.
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