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The sign at the bank that reads "Wait here for the first available teller" suggests the use of a __________ waiting line system.
Adam Smith
An 18th-century Scottish economist and philosopher, often considered the father of modern economics, known for his theories on free markets.
1776
The year marked by the Declaration of Independence of the United States, symbolizing a significant historical event rather than an economic term.
Production Possibilities Frontier (PPF)
A curve depicting all maximum output possibilities for two goods, given a set of inputs.
Maximum Benefit
The highest level of satisfaction or utility that a consumer can achieve with their available resources.
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