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Capital Goods
Long-lasting goods acquired and used by businesses to produce goods and services and contribute to their productive capacity.
Productive Efficiency
A situation where it's impossible to produce more of one good without producing less of another, utilizing all resources efficiently.
North Korea
A country in East Asia, known for its strict government regime, isolation from most of the international community, and significant human rights concerns.
Command Economy
An economic system where the government controls the production, distribution, and prices of goods and services.
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