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Production Possibility Frontier
illustrates the maximum feasible quantity of one good that can be produced for every possible quantity of another good given available resources and technology.
Goods and Services
The tangible products and intangible activities that satisfy human wants or needs and are available for purchase.
Efficiently
Achieving a goal or desired outcome with the minimum waste of time, effort, or resource, often associated with optimal productivity.
Marginal Rate
A measure of the change in one variable compared to a unit change in another variable.
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