Examlex
Find the volume of a sphere with a radius of 10 inches.
Production Possibilities Frontier
A curve that illustrates the maximum viable combination of two products that can be produced with fixed resources and technology.
Efficient
An economic condition where resources are allocated in the most optimal way, maximizing the production of goods and services without wasting any resources.
Production Possibilities Frontier
A graph that illustrates the maximum amounts of two goods that a society can produce with the available resources and technology, given that it is using its resources efficiently.
Representativeness Bias
A cognitive bias where individuals incorrectly assess the probability of an event based on similarities to existing prototypes in their mind, rather than on actual evidence.
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