Examlex
Placing a phone call pretending to be someone else,in order to trick someone into doing something is also known as
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two or more goods, given a set of inputs.
Maximum Possible Output
The highest quantity of goods and services an economy can produce when it is utilizing all of its resources efficiently.
Efficient Use
The allocation of resources in a manner that maximizes the output of goods and services with minimal waste.
Simplifying Assumptions
Simplifying Assumptions are used in economic models to reduce complexity by assuming ideal conditions that may not always reflect real-life scenarios.
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