Examlex
Natural groups:
Production Possibilities Curve
illustrates the maximum achievable output of two goods with a given set of resources and technology, demonstrating the trade-offs and opportunity costs in production.
Inefficiently Employed Resources
Inefficiently Employed Resources refer to the use of resources in a way that does not maximize the potential output or productivity, often leading to wastage and lower economic efficiency.
Economize
The act of reducing expenditure or conserving resources to achieve efficiency in the allocation of resources.
Scarcity
The fundamental economic problem of having seemingly unlimited human wants in a world with limited resources, leading to the necessity of choice.
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