Examlex
Instructions: Identify the terms and briefly state their historical significance.
compass and the sternpost rudder
Production Possibilities
A curve representing all possible combinations of two goods that can be produced within a given economy when resources are fully and efficiently utilized.
Specializes
Specialization involves focusing on a narrow area of knowledge or skill, often to improve efficiency or performance.
Terms Of Trade
The ratio at which a country can trade its exports for imports from other countries; reflects the relative prices of a country's export and import products.
Production Possibilities
The different combinations of goods and services that an economy can produce efficiently with given resources and technology.
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