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Production Inefficiencies
Occur when goods and services are not produced in the least costly way, often due to waste or misallocation of resources.
Production Possibility Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs, highlighting the trade-offs in production choices.
Fully Employed
A situation in which all available labor resources are being used in the most economically efficient way.
Production Possibility Frontier
A curve depicting all maximum output possibilities for two or more goods, given a set of inputs and technology, assuming efficient use of resources.
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