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When economic forces push the economy toward excessively high unemployment, what policy action should the Federal Reserve take to return the economy to a lower unemployment rate?
Comparative Advantage
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than others.
Opportunity Cost
The value of the best alternative foregone as a result of making a decision, a fundamental concept in economics that emphasizes the cost of trade-offs.
Production Possibility Frontier
A diagram that outlines every possible maximal production scenario for various items, considering a fixed amount of resources.
Trade
The exchange of goods or services between parties.
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