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During the EMS crisis in 1992,
Production Possibilities Frontier
A graph that represents all the highest possible production levels for two or more products, considering the available inputs like resources and technology.
Comparative Advantage
The ability of a country or firm to produce a particular good or service at a lower opportunity cost than others.
Total World Production
The aggregate amount of goods and services produced globally within a specific time frame, often measured in terms of Gross World Product (GWP).
Specialize
To focus on a particular area of knowledge, skill, or production, often to increase efficiency or quality.
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