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Full Employment
This term refers to the condition where all available labor resources are being used in the most economically efficient way, with no involuntary unemployment.
Production Possibilities Curve
A graph that shows the different quantities of two goods that an economy can produce with fixed resources and technology.
Human Economic Wants
Desires that require resources to satisfy, emphasizing the economic aspect of needs and desires.
After-Tax Income
The amount of net income left after all taxes have been deducted.
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