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Scarcity
The fundamental economic problem of having seemingly unlimited human wants in a world with limited resources, leading to the necessity of choice.
Economic Problem
The fundamental issue of having limited resources to meet unlimited wants and needs, requiring choices and priorities in allocation.
Available Resources
The total assets, both natural and man-made, that can be utilized to produce goods and services.
Production Possibilities Curve
A graph that shows the maximum number of possible units a company can produce if it only produces two types of goods.
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