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Production Possibilities Curves
A graphical representation showing the maximum quantity of goods and services that can be produced within an economy, given fixed resources and technology, when those resources are fully and efficiently utilized.
Opportunity Costs
The cost of forgoing the next best alternative when making a decision or choice.
Specialization
Focus on a particular area of study or work, leading to increased efficiency and expertise in that domain.
Higher Total Output
Indicates an increased overall level of production or sum of goods and services produced within an economy.
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