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Slope
A measure of the steepness or incline of a line, representing the rate at which one variable changes in relation to another.
Budget Line
A graphical representation showing all possible combinations of two goods that can be purchased with a given income and prices.
Horizontal Axis
The x-axis in a graph, typically representing the independent variable or the quantity of interest.
Production Possibilities
A theoretical model depicting the various combinations of goods and services an economy can produce, given its available resources and technology.
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