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How are percentage changes calculated?
Output
The total amount of goods and services produced by an economy, business, or machine over a specific period.
Per-Worker Production Function
A graphical representation showing the relationship between the amount of output produced per worker in a firm and various amounts of capital per worker.
Bowed Shape
A term describing the concave shape of the Production Possibilities Frontier (PPF), highlighting increasing opportunity costs as production shifts from one good to another.
Diminishing Returns to Scale
A situation where, after a certain point, additional inputs result in less proportional increases in output.
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